Term
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Definition
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Term
Material Price Variance at point of purchase (formula) |
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Definition
| (AP - SP) x AQ (purchased) |
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Term
Material Quantity Variance (formula) |
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Definition
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Term
Labor Rate Variance (formula) |
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Definition
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Term
Labor Efficiency Variance (formula) |
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Definition
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Term
Fixed Overhead Spending Variance (formula) |
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Definition
| Actual FOH - Budgeted FOH |
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Term
Total Overhead Variance (formula) |
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Definition
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Term
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Definition
| How much was paid vs. how much was expected to be paid |
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Term
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Definition
How much was used compared to how much was planned |
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Term
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Definition
How much was actually paid vs. how much planned |
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Term
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Definition
difference between actual and planned hours |
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