Applied Management Account AQ 2022
Aimee_M
Registered Posts: 1
How on earth does everyone remember the different calculations for Variances? Any top tips? PAUS I have but still doesn't help that much
Thanks
Thanks
0
Comments
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Hi @Aimee_M
The only way unfortunately is by practicing. But below I have listed some which should hopefully simplify what you need to learn
Materials Price Variance
Actual Quantity Purchased x Actual Price Paid (Per Kg etc)
Actual Quantity Purchased x Budget Price (What you were expecting to pay)
Material Usage Variance
Actual Quantity Used x Budget Price (What you were expecting to pay per kg etc)
Standard Quantity for actual production (This is where you need to work out how many kg for example you were expecting to use for the actual units products) x Budget Price
Labour Price Variance
Actual Hours x Actual Price Paid (per hour for example)
Actual Hours x Budget Price (What you were expecting to pay per hour)
I do feel I have missed something, its just that I have done this exam a long time ago but If I have missed any off just let me know and I can look into it for you.
Many thanks
Shamil
1 -
Hi @Aimee_M
I hope you are well?
I also created this document a while back, which I started on Materials. I cant seem to find the rest if I can find the rest I will send it over but I hope this helps you out too
Kind regards
Shamil1
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