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


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