Managerial Accounting- Budget Analysis
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budget_variance_worksheet.xlsxBudget Variance Report
| 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 | |||
| Efficiency variance | 240,250 | 281,480 | 41,230 | Favorable | |
| Total direct materials variance | 480,500 | 521,730 | 41,230 | Favorable | |
| 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 | |
Labor and Materials Variance
| Labor variance | ||||||||||
| actual cost | actual quantity | standard cost | standard quantity | |||||||
| $ 15.00 | 33,000 | $ 16.00 | 30,000 | |||||||
| 495,000 | 528,000 | 480,000 | ||||||||
| 33,000 | (48,000) | |||||||||
| Favorable | Unfavorable | |||||||||
| Labor Cost/Price variance | Labor efficiency variance | |||||||||
| Materials variance | ||||||||||
| actual cost | actual quantity | standard cost | standard quantity | |||||||
| $ 7.75 | 31,000 | $ 7.75 | 30,000 | |||||||
| 240,250 | 240,250 | 232,500 | ||||||||
| - 0 | (7,750) | |||||||||
| Unfavorable | ||||||||||
| Material Cost/Price Variance | Material efficiency variance |
