Budget Variances
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Labour Price Variance
(Amount of labour actually used x budgeted price per hour) - actual labour cost
Materials Usage Variance
(Quantity of materials actually used - quantity of materials in flexible budget) x budgeted price per unit of material
Materials Price Variance
(Quantity of materials actually used x budgeted price per unit of material) - actual materials cost
Labour Efficiency Variance
(Amount of labour actually used - amount of labour in flexible budget) x budgeted price per hour of labour
Fixed Overheads Expenditure Variance
Actual fixed overheads - flexible budget fixed overheads
Sales Price Variance
Actual sales - flexible budget sales
Sales Volume Variance
Profit in original budget - profit in flexed budget