| Week 4 Variance Template |
| a) Price variance = (actual price - standard price) times quantity bought |
|
| Actual price |
Standard price |
Quantity bought |
Price variance |
Favorable or Unfavorable |
| Plastic tubing |
| Fabric |
| 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 |
| Plastic tubing |
| Fabric |
| 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 |
| Plastic tubing |
|
|
| - 0 |
| Fabric |
|
|
| - 0 |
| Padding |
|
|
| - 0 |
| Direct labor |
|
|
| - 0 |
| TOTAL |
|
|
| - 0 |
MissMsw01
w4Assignmenttemplate2Accounting.xlsx
