| Week 5 Template |
| a) Price variance = (actual price - standard price) times quantity bought |
| Actual price | Standard price | Quantity bought | Price variance | Favorable or Unfavorable |
| Metal tubing |
| Leather |
| Padding |
| b) Wage rate variance = (Actual wage rate - standard wage rate) times actual hours |
| Actual wage rate | Standard wage rate | Actual hours | Wage rate variance | Favorable or Unfavorable |
| Direct labor |
| c)Total price variance | 0 | 0 | 0 | 0 |
| d) Quantity variance = |
| (actual quantity used in production - standard quantity used in production) times the standard price |
| Actual Quantity | Standard Quantity | Standard Price | Quantity variance | Favorable or Unfavorable |
| Metal tubing |
| Leather |
| Padding |
| e) Labor efficiency variance = (actual hours - standard hours) times standard wage |
| Actual hours | Standard hours | Standard wage | Efficiency variance | Favorable or Unfavorable |
| Direct labor |
| f) Total quantity variance | 0 |
| TOTAL VARIANCES |
| Metal tubing | - 0 |
| Leather | - 0 |
| Padding | - 0 |
| Direct labor | - 0 |
| TOTAL | - 0 |
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Tempelate.xlsx
