standard costing formulae
This query is : Resolved
15 July 2009
Hi,
You can get all formulae here
https://www.futureaccountant.com/standard-costing-variance-analysis/
https://basiccollegeaccounting.com/formulas-standard-costing/
Also giving the list
FORMULAS USED IN STANDARD COSTING
Material cost variance
Standard material cost less actual material cost
Material price variance
(standard price less actual price) x actual quantity purchased or used
Material usage variance
(standard quantity for actual output less actual quantity) x standard price
Material mix variance
(actual mix less standard mix ) x standard price
Material yield variance
(standard yield less actual yield) x standard cost
Labor cost variance
Standard wage cost less actual wage cost
Labor rate variance
(standard rate less actual rate ) x actual hours
Labor efficiency variance
(standard hours for actual output less actual hours worked) x standard rate
Idle time variance
Idle time x standard rate
Variable production cost variance
Standard variable overhead less actual variable overhead
Variable overhead expenditure variance
(standard overhead rate less actual overhead rate) x actual hours
Fixed overhead cost variance
Overhead absorbed less overhead incurred
Fixed overhead expenditure variance
(budgeted fixed overhead less actual fixed overhead)
Fixed overhead volume variance
(budgeted volume-actual volume) x standard absorption rate
Fixed overhead capacity variance
(budgeted hours-actual hours) x standard absorption rate
Fixed overhead productivity variance
(standard hours for actual output-actual hours worked) x standard absorption rate
Sales value variance
(budgeted quantity x standard selling price) less (actual quantity x actual selling price)
Sales price variance
(standard selling price-actual selling price) x actual quantity sold
Sales volume variance
(budgeted quantity-actual quantity) x standard selling price or standard profit or standard contribution
Sales margin variance
(budgeted quantity x standard profit)- (actual quantity x actual profit)
Sales contribution variance
(budgeted quantity x standard contribution)-(actual quantity x actual contribution)
Sales allowance variance
(budgeted allowance-actual allowance) x actual quantity sold
Sales mix variance
(standard mix-actual mix) x standard selling price or standard profit or standard contribution
Sales quantity variance
(budgeted quantity-actual quantity in standard mix) x standard price or standard profit or standard contribution
You can get all formulae here
https://www.futureaccountant.com/standard-costing-variance-analysis/
https://basiccollegeaccounting.com/formulas-standard-costing/
Also giving the list
FORMULAS USED IN STANDARD COSTING
Material cost variance
Standard material cost less actual material cost
Material price variance
(standard price less actual price) x actual quantity purchased or used
Material usage variance
(standard quantity for actual output less actual quantity) x standard price
Material mix variance
(actual mix less standard mix ) x standard price
Material yield variance
(standard yield less actual yield) x standard cost
Labor cost variance
Standard wage cost less actual wage cost
Labor rate variance
(standard rate less actual rate ) x actual hours
Labor efficiency variance
(standard hours for actual output less actual hours worked) x standard rate
Idle time variance
Idle time x standard rate
Variable production cost variance
Standard variable overhead less actual variable overhead
Variable overhead expenditure variance
(standard overhead rate less actual overhead rate) x actual hours
Fixed overhead cost variance
Overhead absorbed less overhead incurred
Fixed overhead expenditure variance
(budgeted fixed overhead less actual fixed overhead)
Fixed overhead volume variance
(budgeted volume-actual volume) x standard absorption rate
Fixed overhead capacity variance
(budgeted hours-actual hours) x standard absorption rate
Fixed overhead productivity variance
(standard hours for actual output-actual hours worked) x standard absorption rate
Sales value variance
(budgeted quantity x standard selling price) less (actual quantity x actual selling price)
Sales price variance
(standard selling price-actual selling price) x actual quantity sold
Sales volume variance
(budgeted quantity-actual quantity) x standard selling price or standard profit or standard contribution
Sales margin variance
(budgeted quantity x standard profit)- (actual quantity x actual profit)
Sales contribution variance
(budgeted quantity x standard contribution)-(actual quantity x actual contribution)
Sales allowance variance
(budgeted allowance-actual allowance) x actual quantity sold
Sales mix variance
(standard mix-actual mix) x standard selling price or standard profit or standard contribution
Sales quantity variance
(budgeted quantity-actual quantity in standard mix) x standard price or standard profit or standard contribution
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