Term

Definition


Term
Material Price Variance at point of purchase (formula) 

Definition
(AP  SP) x AQ (purchased) 


Term
Material Quantity Variance (formula) 

Definition


Term
Labor Rate Variance (formula) 

Definition


Term
Labor Efficiency Variance (formula) 

Definition


Term
Fixed Overhead Spending Variance (formula) 

Definition
Actual FOH  Budgeted FOH 


Term
Total Overhead Variance (formula) 

Definition


Term

Definition
How much was paid vs. how much was expected to be paid 


Term

Definition
How much was used compared to how much was planned 


Term

Definition
How much was actually paid vs. how much planned 


Term

Definition
difference between actual and planned hours 

