variance analysis formulas Flashcards by shirina patel

Q

cost/price formula ?

if the budgeted units and actual units produced are the same

A

actual quantity x (standard price - actual price)

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Q

quantity/usage formula ?

if the budgeted units and actual units produced are the same

A

standard price x (standard quantity - actual quantity)

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Q

cost/price formula ?

if the budgeted units and actual units produced are different

A

actual quantity x ( standard price - actual price)

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Q

quantity/usage formula ?

if the budgeted units and actual units produced are different

A

standard price x (standard quantity for actual production - actual quantity)

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Q

what to always remember ?

A

always (standard - actual) on the inside of the brackets

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Q

PAQman has a USP

PAQ ?

A

if P rice variance, A ctual Q uantity on the outside of brackets

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Q

PAQman has a USP

USP ?

A

if U sage variance, S tandard P rice on the outside of bracket

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