Formula 1 Material Price Variance Formula 2 Material Quantity variance Formula 3 Total Materials Variance Formula 4 Labor Rate Variance Formula 5 Labor efficiency variance Formula 6 Total Labor Variance Formula 7 Total materials and labor variances Formulas 8 -13 Favorable or unfavorable ### Variance Analysis Input and CalculationsThis section will guide you through the input data used for computing various variances and their respective formulas. The table provides a structured format for entering the necessary data and includes placeholders for variance formulas.#### Materials Variance Input1. **Materials Price Variance Input** - **Actual cost of material per pound (ounce, etc.):** $15.90 - **Standard cost of material per pound (ounce, etc.):** $16.002. **Materials Quantity Variance Input** - **Actual quantity of materials used:** 39,500 - **Standard quantity of materials used for actual output:** 38,000#### Labor Variance Input3. **Labor Rate Variance Input** - **Actual cost of labor per hour:** $8.05 - **Standard cost of labor per hour:** $8.004. **Labor Efficiency Variance Input** - **Actual quantity of hours incurred:** 44,000 - **Standard quantity of hours for actual output:** 45,600#### Answer SectionBelow lists the variances calculated based on the input data. "F" denotes favorable, and "U" denotes unfavorable.1. **Material Price Variance** - **Value:** ($3,950) - **Indication:** F (Favorable)2. **Material Quantity Variance** - **Value:** 24,000 - **Indication:** U (Unfavorable)3. **Total Materials Variance** - **Formula Placeholder:** FORMULA3 - **Indication Placeholder:** FORMULA104. **Labor Rate Variance** - **Formula Placeholder:** FORMULA4 - **Indication Placeholder:** FORMULA115. **Labor Efficiency Variance** - **Formula Placeholder:** FORMULA5 - **Indication Placeholder:** FORMULA126. **Total Labor Variance** - **Formula Placeholder:** FORMULA6 - **Indication Placeholder:** FORMULA137. **Total Materials and Labor Variances** - **Formula Placeholder:** FORMULA7This table is designed to be used as a template for variance analysis calculations in an educational setting, ensuring a clear and structured approach to determining and understanding cost variances in production and labor.

Name: Formula 1 Material Price Variance Formula 2 Material Quantity varianc
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Formula 1 Material Price Variance Formula 2 Material Quantity variance Formula 3 Total Materials Variance Formula 4 Labor Rate Variance Formula 5 Labor efficiency variance Formula 6 Total Labor Variance Formula 7 Total materials and labor varia