Variance Analysis, Calculate Price and Usage Variances (Cost Accounting Tutorial #48)

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⌚Timestamps
0:00 - Introduction
In this tutorial (part two) we'll go through a problem where we'll have to calculate the price and usage variances for labor costs and materials costs. Remember how I said there will be variances for each item on the budget essentially? That's correct since we're covering two of those. Remember that price and usage variance together is the total variance for a certain item (like materials).
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[@ShannonLamberson]

Great video. Straight to the point with easy to understand instructions. Thank you from all of us MBA students.

[@mustafarezaie5184]

Great explanation. I like it. Can you do a video for efficiency variance analysis as well?

[@mosesmudavadi2389]

Great presentation.

[@ayyemayne696]

DUDE YOU'RE AMAZING !!!!!

[@lilpenguin8452]

Thank you!!! :)This was very helpful.

[@taylorbarrett384]

Appreciate the good work, man! God bless

[@radwankhabbaz]

Thank you bro, it was so helpful and easy

[@smudgepost]

Great video but tricky to get my head around as all our budgets are theoretical, not year end calculations. We have a theoretical budget and I'm calculating a variance of a theory..

[@bdleosquad985]

why material usage always valued at Standard pricce???

[@Nicolaj103]

Where is the next video? I can't find it in the playlist.

[@matthaios4357]

Good video, but I've noticed if you do Standard - Actual, you will always be able to tell if it's unfavorable or favorable, with a negative number being unfavorable. For example, the quantity variance = SP x (AQ-SQ), but if you rearrange the formula a little to SP x (SQ-AQ) it helps to understand easier if the variance is favorable or not.

[@itsdannyftw]

You are correct but you are just looking at it from a different perspective. You can apply the same concept (although vice-versa) to the formula shown in the video and arrive at the same conclusion.

[@nagendramech474]

Hai

[@jacobshamoo5448]

this reminds me of my shitty notes