| | Peyton Approved |
| | Budget Variance Report |
| | For the Year Ended … |
| | | Actual Results | Static Budget | Variance | Favorable/ Unfavorable |
| | Direct materials variances |
| | Cost/price variance | 240,250 | 240,250 | - 0 | Zero variance |
| | Efficiency variance | 240,250 | 232,500 | (7,750) | Unfavorable |
| | Total direct materials variance | 480,500 | 472,750 | (7,750) | Unfavorable |
| | Direct labor variances |
| | Cost /price variance | 495,000 | 528,000 | 33,000 | Favorable |
| | Efficiency variance | 528,000 | 480,000 | (48,000) | Unfavorable |
| | Total direct labor variance | 1,023,000 | 1,008,000 | (15,000) | Unfavorable |
| | Material Price Variance = | Actual Quantity x (Standard Price - Actual Price) |
| | Material Efficiency Variance = | Standard Price x (Standard Quantity for actual production - Actual Quantity) |
| | Total Direct Material Variance = | (Standard Price x Standard Quantity) - (Actual Quantity x Actual price) | | | | | | = | 41230 | Favorable |
| | Labor Price Variance = | Actual Hours (Standard Rate - Actual Rate) |
| | Labor Efficiency Variance = | Standard Rate x (Standard hours for actual production - Actual Quantity) |
| | Total Direct Labor Variance = | (Standard Rate x Standard Hours) - (Actual Hours x Actual Rate) | | | | | | = | -15000 | Unfavorable |
sharglh
correction_done._2.xlsx
