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MAS.3204 TRINIDAD/ALENTON/URO
Standard Costing and Variance Analysis MAY 2022

LECTURE NOTES
A standard is a benchmark or “norm” for measuring SP = Standard price per unit of input
performance. In managerial accounting, standards relate SQ = Standard input allowed for the actual output
to the cost and quantity of inputs used in manufacturing
goods or providing services. A standard cost is the Computation and Interpretation of Standard Cost
expected or budgeted cost of materials, labor, and Variances. Since direct material, direct labor, and
manufacturing overhead required to produce one unit of variable overhead are all variable manufacturing costs,
product. the process of computing price and quantity variances for
Two reasons for adopting a standard cost system are: each cost category is the same. The general model can
To improve planning and control. A standard cost system be used in each case to compute the variances. The only
compares actual amounts with standard amounts to complication is deciding in each case whether the actual
determine variances from the standard. quantity of inputs refers to the actual quantity purchased
To facilitate product costing. Standard costing uses standard or the actual quantity used.
costs for direct materials, direct labor, and overhead.
Standard cost systems provide readily available unit cost Static Budgets. The term static budget refers to the
information that can be used for pricing decisions. budget that is set at the beginning of a budgeting period
Setting Standard Costs. Standards should be set so that and that is geared to only one level of activity—the
they encourage efficient operations. budgeted level of activity.
Ideal versus practical standard. Standards tend to fall into
one of two categories—either ideal or practical. Flexible Budgets. A flexible budget is geared to all levels
• Ideal standards allow for no machine breakdowns or of activity within the relevant range and is used to plan
work interruptions, and require that workers operate and control spending. The flexible budget will show the
at peak efficiency 100 percent of the time. Since ideal cost formula for each variable cost and total cost (possibly
standards are rarely met, most managers believe including fixed costs) at various levels of activity.
they tend to discourage even the most diligent
workers. Applying Overhead in a Standard Cost System. Overhead
• Practical standards are “tight, but attainable.” They can be applied to units based on actual hours or standard
allow for normal machine downtime and employee hours allowed for the actual output. In a standard cost
rest periods and can be attained through reasonable, system it is simplest to apply overhead on the basis of
but highly efficient, efforts by the average worker. the standard hours allowed for the actual output. This
results in each unit being assigned the same overhead
A General Model for Variance Analysis. A variance is the cost—regardless of how many hours were actually
difference between standard prices and quantities on the required to make the unit.
one hand and actual prices and quantities on the other
hand. A general model can be used to describe the
variable cost variances. 1. Variable overhead variances.
a. The variable overhead spending variance is
VARIANCE ANALYSIS: GENERAL DESCRIPTION computed as follows when the variable overhead
Price and Efficiency Variances rate is expressed in terms of direct labor-hours:
The total budget variance is the difference between Variable overhead spending variance = (Actual
actual cost of inputs and the standard (or planned) cost overhead cost – Actual input hours)  Variable
of inputs. overhead rate
There are two variances for variable production costs: The variable overhead spending variance
1. Price or rate variances — the difference between compares actual spending on variable overhead to
actual costs of inputs and what the inputs should have the amount of spending that would be expected,
cost (standard prices). given the actual direct labor-hours for the period.
2. Usage or efficiency variances — the difference
between the actual quantity used and the standard b. The variable overhead efficiency variance is
quantity allowed for units produced. computed as follows when the variable overhead
rate is expressed in terms of direct labor-hours:
Alternative methods. As an alternative to the general Variable overhead efficiency variance = (Actual
model, variances can be computed by the use of hours – Standard hours allowed)  Variable
formulas. The formulas for the price variance are: overhead rate
Price (rate) variance = (AQ  AP) - (AQ  SP)
or 2. Fixed Overhead Variances in a Standard Cost System.
Price (rate) variance = AQ (AP - SP) Two variances are computed for fixed overhead—a
budget variance and a volume variance. These
The formulas for the quantity variance are: variances are quite different from the variances
Quantity (efficiency) variance = (AQ  SP) - (SQ  SP) computed for variable overhead.
or a. Budget Variance. The budget variance is the
Quantity (efficiency) variance = SP (AQ - SQ) difference between the actual fixed overhead
Where: costs incurred during the period and the budgeted
AQ = Actual quantity of inputs purchased (or used) fixed overhead costs contained in the flexible
AP = Actual price per unit of inputs purchased budget. This variance is very useful in that it

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indicates how well spending on fixed items was c. Fixed Overhead Rate based on Practical Capacity.
controlled. Although fixed overhead are often based on
b. Volume Variance. The volume variance is the budgeted production levels, it may be a better
difference between the total budgeted fixed approach if it is based on practical capacity.
overhead and the fixed overhead applied to Practical capacity is the volume that could be
production. Alternatively, it can be expressed as achieved under normal (not ideal) operating
the difference between the denominator level of conditions. It allows some downtime for
activity and the standard hours allowed for the necessary activities such as employee training,
output of the period, multiplied by the fixed shift changes, breaks, and preventive
portion of the predetermined overhead rate. The maintenance. Using the capacity supplied as the
volume variance occurs because the denominator denominator when calculating the fixed overhead
level of activity differs from the standard hours rate (as opposed to the amount of capacity
allowed for production. Thus, an unfavorable actually used) prevents the rate from fluctuating
variance means that the company operates at an due to changes in demand. It also highlights the
activity level below the denominator level of cost of unused capacity for management
activity. Conversely, a favorable variance means attention.
that the company operates at an activity level
greater than the denominator level of activity.

DISCUSSION QUESTIONS
STRAIGHT PROBLEMS Direct labor: 1.5 hours x P16 per hour 24
Variable OH: 1.5 hours x P8 per hour 12
PROBLEM NO. 1. Fixed OH: 1.5 hours x P6 per hour 9
May, Inc. prepared the following master budget items for Total standard cost per unit P61
the month of November: The following information is available regarding the
Production and sales (units) 30,000 company’s operations for the period:
Variable manufacturing costs Units produced: 42,000
Direct materials P75,000 Materials purchased: 100,000 lbs. @ P8.15/lb.
Direct labor 60,000 Materials used: 92,000 lbs.
Variable manufacturing OH 45,000 Direct labor: 68,000 hours costing
Fixed manufacturing OH 120,000 P1,055,000
Total manufacturing costs P300,000 Manufacturing OH incurred:
Requirement: Variable P561,000
During November, May actually produced and sold Fixed P440,000
32,000 units. Prepare a flexible budget for May based on Budgeted fixed manufacturing overhead for the period is
actual sales. P450,000, and the standard fixed overhead rate is based on
expected capacity of 75,000 direct labor hours.
PROBLEM NO. 2.
Martina Company manufactures a powerful cleaning Requirements:
solvent. The main ingredient in the solvent is a raw 1. Materials price variance
material called Echol. Information on the purchase and use 2. Materials usage variance
of Echol follows: 3. Direct labor rate variance
4. Direct labor efficiency variance
Purchase of Echol: Echol is purchased in 15-gallon 5. Total overhead variance
container at a cost of P115 per container. A discount of 5% 6. Four-way overhead variance analysis
is offered by the supplier for payment within 10 days, and 7. Three-way overhead variance analysis
Martina Company takes all discounts. Shipping costs, 8. Two-way overhead variance analysis
which Martina Company must pay, amount to P130 for an
average shipment of 100 15-gallon containers of Echol. PROBLEM NO. 4.
Father & Son Corporation manufactured 22,000 helmets
Use of Echol: The bill of materials calls for 14.25 quarts of during September. The overhead cost-allocation base is P8
Echol per bottle of cleaning solvent. (There are four quarts per machine-hour. The following variable overhead data
in a gallon.) About 5% of all Echol used is lost through pertain to September:
spoilage or evaporation (the 14.25 quarts above is the Actual Budgeted
actual content per bottle.) In addition, statistical analysis Production (units) 22,000 20,000
has shown that every 31st bottle is rejected at final Machine-hours 28,000 25,000
inspection because of contamination. Variable OH per MH: P9.00 P8.00

Requirements: Requirements:
1. Compute the standard purchase price for one quart of 1. What is the actual variable overhead cost?
Echol. 2. What is the variable overhead flexible-budget
2. Compute the standard quantity of Echol (in quarts) amount?
per salable bottle of cleaning solvent. 3. What is the variable overhead spending variance?
4. What is the variable overhead efficiency variance?
PROBLEM NO. 3.
The following standard costs were developed for one of the PROBLEM NO. 5.
products of LT Inc. Macao’s Corporation manufactured 12,000 golf bags
Materials: 2 lbs. x P8 per lb. P16 during March. The fixed overhead cost-allocation rate is

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EXCEL PROFESSIONAL SERVICES, INC.

P15.00 per machine-hour. The following fixed overhead Basic Foods expected to sell 30,000 of its fishcharon at P300
data pertain to March: each. It actually sold 29,000 at P298. Variable cost per
Actual Static Budget pack is P140. Determine the sales price variance and sales
Production 12,000 units volume variance.
10,000 units
Machine-hours 8,200 hours 8,000 hours PROBLEM NO. 9.
Fixed OH cost P122,000 P120,000 The controller of Mahal Company is examining the following
budgeted and actual income statements for its principal
Requirements: product.
1. What is the flexible-budget amount?
2. What is the amount of fixed overhead allocated to Budget Actual
production? Sales P4,800,000 P4,967,200
3. What is the fixed overhead budget and production- Variable cost 1,680,000 1,780,800
volume variance? Contribution margin P3,120,000 P3,186,400
The budgeted unit selling price is P8.00. Actual unit volume
PROBLEM NO. 6. is 6% over budget, but the actual selling price is below
The flexible budget formula for total overhead for Star budget. Per-unit variable costs are incurred as budgeted.
Division of Waterous Company is P360,000 + P8 per direct Determine the sales price variance and sales volume
labor hour. The combined overhead rate is P20 per direct variance.
labor hour. The following data have been recorded for the
year: MULTIPLE CHOICE QUESTIONS
Actual total overhead P580,000
Total overhead spending variance 16,000 U 1. One of the primary reasons for using cost variances is:
Volume variance 24,000 U a. they diagnose the cause of a problem and what
should be done to correct it
Requirements: b. for superiors to communicate expectations to
Using a three-variance approach, determine the number of lower-level employees
standard hours allowed and actual hours of direct labor c. to administer appropriate disciplinary action
hours worked. d. for financial control of operating activities and
understanding why variances arise
PROBLEM NO. 7.
Energy Products produces a gasoline additive, Gas Gain. 2. Which of the following factors would cause an
This product increases engine efficiency and improves unfavorable material quantity variance?
gasoline mileage by creating a more complete burn in the a. using poorly maintained machinery
combustion process. Careful controls are required during b. using higher quality materials
the production process to ensure that the proper mix of c. using more highly skilled workers
input chemicals is achieved and that evaporation is d. receiving discounts for purchasing larger than
controlled. If the controls are not effective, there can be normal quantities
loss of output and efficiency. The standard cost of producing
a 500-liter batch of Gas Gain is P13,500. The standard 3. An unfavorable price variance for direct materials
materials mix and related standard cost of each chemical might indicate:
used in a 500-liter batch are as follows: a. that the purchasing manager purchased in
Chemical Mix SP smaller quantities due to a change to just-in-
Standard Cost time inventory methods
Echol 200 liters P20.00 b. congestion due to scheduling problems
P4,000 c. that the purchasing manager skillfully negotiated
Protex 100 liters 42.50 4,250 a better purchase price
Benz 250 liters 15.00 3,750 d. that the market had an unexpected oversupply
CT-40 50 liters 30.00 of those materials
1,500
600 liters
4. A purchasing manager’s performance is best evaluated
P13,500
using the:
The quantities of chemicals purchased and used during the
a. direct materials price variance
current production period are shown in the schedule below.
b. direct materials flexible-budget variance
A total of 135 batches of Gas Gain were manufactured
c. direct manufacturing labor flexible-budget
during the current production period. Energy Products
variance
determines its cost and chemical usage variations at the
d. effect the manager’s action has on total costs for
end of each production period.
the entire company
Chemical Quantity
Used 5. Which of the following would produce a labor rate
Echol 26,600 liters variance?
Protex 12,880 liters a. Poor quality materials causing breakage and work
Benz 37,800 liters interruptions.
CT-40 7,140 liters b. Use of persons with high hourly wage rates in tasks
84,420 liters that call for low hourly wage rates.
Requirements: c. Excessive number of hours worked in completing a
Compute the total materials usage variance and then break job.
down this variance into its mix and yield components. d. An unfavorable variable overhead spending
variance.
PROBLEM NO. 8.

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EXCEL PROFESSIONAL SERVICES, INC.

6. A favorable price variance for direct manufacturing 14. At the end of a period, a significant material price
labor might indicate that: variance should be
a. employees were paid more than planned a. closed to Cost of Goods Sold.
b. budgeted price standards are too tight b. allocated among Raw Material, Work in Process,
c. underskilled employees are being hired Finished Goods, and Cost of Goods Sold.
d. an efficient labor force c. allocated among Work in Process, Finished
Goods, and Cost of Goods Sold.
7. An unfavorable efficiency variance for direct d. carried forward as a balance sheet account to
manufacturing labor might indicate that: the next period.
a. work was efficiently scheduled
b. machines were not properly maintained 15. The sum of the material price variance (calculated at
c. budgeted time standards are too lax point of purchase) and material quantity variance
d. more higher skilled workers were scheduled than equals
planned a. the total cost variance.
b. the material mix variance.
8. Using more highly skilled direct laborers might affect c. the material yield variance.
which of the following variances? d. no meaningful number.
a. direct materials usage variance
b. direct labor efficiency variance 16. The standard cost of one unit of product includes 2
c. variable manufacturing overhead efficiency hours of direct labor at P15.00 per hour. The
variance company's labor rate variance was P275, favorable.
d. all of the above The efficiency variance was P105, unfavorable. Three-
hundred and eighty units were produced. What were
9. A company would most likely have a favorable labor the actual labor hours?
rate variance and unfavorable labor efficiency if a. 774 c. 753
a. the mix of workers used in the production process b. 760 d. 767
was more experienced than the normal mix
b. the mix of workers used in the production process
17. JS Company produce 500 units with a P50 unfavorable
was less experienced than the normal mix
labor rate variance. The labor use variance was P180
c. workers from another part of the plant were used
favorable. Actual labor cost was P8,870. The standard
due to an extra heavy production schedule
wage rate was P9. Actual hours were
d. the purchasing agent acquired a very high quality
a. 520 c. 1,000
of material that resulted in less spoilage
b. 980 d. 1,020

10. The primary difference between a fixed (static) budget

18. Noli Company applies overhead on a direct labor hour
and a variable (flexible) budget is that a fixed budget:
basis. Each unit of product requires 5 direct labor
a. cannot be changed after the period begins; while
hours. Overhead is applied on a 30 percent variable
a variable budget can be changed after the period
and 70 percent fixed basis; the overhead application
begins
rate is P16 per hour. Standards are based on a normal
b. is a plan for a single level of sales (or other
monthly capacity of 5,000 direct labor hours. During
measure of activity); while a variable budget
September, Noli produced 1,010 units of product and
consists of several plans, one for each of several
incurred 4,900 direct labor hours. Actual overhead
levels of sales (or other measure of activity)
cost for the month was P80,000. What is monthly
c. includes only fixed costs; while variable budget
budgeted fixed overhead cost?
includes only variable costs
a. P56,000 c. P56,560
d. is concerned only with future acquisitions of fixed
b. P672,000 d. P678,720
assets; while a variable budget is concerned with
expenses that vary with sales
19. The following direct manufacturing labor information
pertains to the manufacture of Product B.
11. In the analysis of standard cost variances, the item
which receives the most diverse treatment in Time required to make one unit, 2 direct labor
accounting is hours
a. Direct labor cost c. Direct material Number of direct workers 50
cost Number of productive hours per week, per worker 40
b. Factory overhead cost d. Variable cost. Weekly wages, per worker P500
Workers’ benefits treated as direct manufacturing
12. Which one of the following would not explain an labor costs 20% of wages
adverse direct labor efficiency variance? What is the standard direct manufacturing labor cost
a. Poor scheduling of direct labor hours per hour?
b. Setting standard efficiency at a level that is too low a. P30 c. P24
c. Unusually lengthy machine breakdowns b. P15 d. P12
d. A reduction in direct labor training
e. None of the above 20. Lucky Company sets the following standards for the
year.
13. The term “standard hours allowed” measures Direct labor cost [2 DLH @ P4.50] P9.00
a. budgeted output at actual hours. Manufacturing overhead [2 DLH @ P7.50] P15.00
b. budgeted output at standard hours.
c. actual output at standard hours. Lucky Company plans to produce its only product
d. actual output at actual hours. equally each month. The following is the annual
budget for overhead costs:

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Fixed overhead P150,000 a. P17,250U c. P21,000U

Variable overhead 300,000 b. P20,700U d. P21,000F
Normal activity in direct labor hours 60,000 26. Lion Company’s direct labor costs for the month of
In March, Lucky Company produced 2,450 units with January were as follows:
actual direct labor hours used of 5,050. Actual Actual direct labor hours 20,000
overhead costs for the month amounted to P37,245 Standard direct labor hours 21,000
(Fixed overhead is as budgeted.) Direct labor rate variance – unfavorable P3,000
Total payroll P126,000
The amount of overhead volume variance for Lucky What was Lion’s direct labor efficiency variance?
Company is a. P6,000 F c. P6,300 F
a. P250 U c. P750 U b. P6,150 F d. P6,450 F
b. P500 U d. P375 U
27. Tub Co. uses a standard cost system. The following
21. JKL Co. has total budgeted fixed costs of P75,000. information pertains to direct labor for product B for
Actual production of 19,500 units resulted in a P3,000 the month of October:
favorable volume variance. What normal capacity was Standard hours allowed for actual production 2,000
used to determine the fixed overhead rate? Actual rate paid per hour P8.40
a. 18,750 c. 17,590 Standard rate per hour P8.00
b. 20,313 d. 16,500 Labor efficiency variance - unfavorable P1,600
What were the actual hours worked?
22. The following information is available from the Tyro a. 1,800 c. 2,190
Company: b. 1,810 d. 2,200
Actual factory O/H P15,000
Fixed O/H expenses, actual P7,200 28. Air, Inc. uses a standard cost system. Overhead cost
Fixed O/H expenses, budgeted P7,000 information for Product CO for the month of October is
Actual hours 3,500 as follows:
Standard hours 3,800 Total actual overhead incurred P12,600
Standard variable O/H rate per P2.50 Fixed overhead budgeted P3,300
DLH Total standard overhead rate per DLH P4
How much is the variable overhead rate variance? Variable overhead rate per DLH P3
a. P750 F c. P950 F Standard hours allowed for actual production 3,500
b. P750 U. d. P200 U What is the overall or net overhead variance?
a. P1,200 F c. P1,400 F
b. P1,200 U d. P1,400 U
23. At Overland Company, maintenance cost is exclusively
a variable cost that varies directly with machine-hours.
The performance report for July showed that actual 29. Dickey Company had total underapplied overhead of
maintenance costs totaled P9,800 and that the P15,000. Additional data:
associated spending variance was P200 unfavorable. If Variable:
8,000 machine-hours were actually worked during Applied based on standard DLH allowed
July, the budgeted maintenance cost per machine-hour P42,000
was: Budged based on standard DLH 38,000
a. P1.20. c. P1.275. Fixed:
b. P1.25. d. P1.225. Applied based on standard DLH allowed
30,000
Budgeted based on standard DLH 27,000
24. Information on Kennedy Company’s direct material
What is the actual total overhead?
costs is as follows:
a. P50,000 c. P80,000
Standard unit price
b. P57,000 d. P87,000
P3.60
Actual quantity purchased 30. Union Company uses a standard cost accounting
system. The following overhead costs and production
1,600 data are available for August:
Standard quantity allowed for actual production Standard fixed overhead rate per DLH P1
Standard variable overhead rate per DLH P4
1,450 Budgeted monthly DLH 40,000
Materials purchase price variance – favorable Actual DLH worked 39,500
Standard DLH allowed for actual production
P240 39,000
What was the actual purchase price per unit, Overall overhead variance – favorable P2,000
rounded to the nearest centavos? The applied factory overhead for August should be
a. P3.06 c. P3.45 a. P195,000 d. P199,500
b. P3.11 d. P3.75 b. P197,000 e. P193,000
c. P197,500
25. Information on Barber Company’s direct labor costs for
31. The following is a standard cost variance analysis
the month of January is as follows:
report on direct labor cost for a division of a
Actual direct labor hours 34,500
manufacturing company.
Standard direct labor hours 35,000
Total direct labor payroll P241,500 Job Actual Actual Hours Standard
Direct labor efficiency variance – favorable P3,200 Hours at at Hours at
What is Barber’s direct labor rate variance? Actual Standard Standard

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Wages Wages Wages

213 P3,243 P3,700 P3,100 36. Information on Westcott Company’s direct labor costs
215 15,345 15,675 15,000 is as follows:
217 6,754 7,000 6,600 Standard direct labor hours 10,000
219 19,788 18,755 19,250 Standard direct labor rate P3.75
221 3,370 3,470 2,650 Actual direct labor rate P3.50
Totals P48,500 P48,600 P46,600 Direct labor usage variance - unfavorable P4,200
What were the actual hours worked, rounded to the
What is the total flexible budget direct labor variance
for the division? nearest hour?
A. P1,000 unfavorable. C. P1,900 a. 10,714 c. 11,200
favorable. b. 11,120 d. 11,914
B. P1,900 unfavorable. D. P2,000
unfavorable. 37. Sullivan Corporation’s direct labor costs for the month
of March is as follows:
Standard direct labor hours 42,000
32. ALPHA Co. uses a standard cost system. Direct
materials statistics for the month of May are Actual direct labor hours 40,000
summarized below: Direct labor rate variance – favorable P8,400
Standard unit price P90.00 Standard direct labor rate per hour P 6.30
Actual units purchased 40,000 What was Sullivan’s total direct labor payroll for the
month of March?
Standard units allowed for actual production36,250
a. P243,600 c. P260,000
Materials price variance- favorable P6,000
b. P244,000 d. P260,400
What was the actual purchase price per unit?
A. P75.00 D. P90.15
B. P85.89 E. P89.85 38. Compute the variable overhead efficiency variance
C. P88.50 using the following data:
Standard labor hours per good unit produced
2
Good units produced 1,000
33. During April, 80,000 units were produced. The
Actual labor hours used 2,100
standard quantity of material allowed per unit was 2
Standard variable overhead per standard labor
pounds at a standard cost of P5 per pound. If there
was a favorable usage variance of P40,000 for April, hour P3
the actual quantity of materials used must have been Actual variable overhead P6,500
A. 168,000 pounds C. 84,000 a. P200 F c. P300 F
b. P200 U d. P300 U
pounds
B. 152,000 pounds D. 76,000
pounds 39. Information on the direct material costs of Bernal
Manufacturing Corp. is as follows:
Actual direct material costs P 44,000
34. Assume that it takes 15 minutes of labor time to
crush enough garlic to fill one container of yogurt. Actual units of direct material used 22,000
Because the smell of the garlic can be unbearable, Standard price per unit of direct material P2.20
workers are given (and they take it!) 10 minutes of Direct material efficiency variance - unfavorable
P2,800
break time every hour (i.e., 50 minutes of work, 10
What was Bernal’s direct material price variance?
minutes of break). How many minutes should Stench
A. P4,400 favorable. C. P5,600
use as a standard quantity of labor time per
container of yogurt? favorable.
a. 18.0 c. 17.0 B. P4,400 unfavorable. D. P5,600
b. 16.2 d. 17.5 unfavorable.

35. For the month of August, M Company’s records 40. Alpha Company has a standard fixed cost of P10 per
unit. At an actual production of 16,000 units an
disclosed the following data relating to direct labor:
unfavorable volume variance of P20,000 resulted.
Actual direct labor cost P10,000
What were total budgeted fixed costs?
Rate variance 1,000 F
Efficiency variance 1,500 U a. P140,000
Standard direct labor cost P9,500 b. P160,000
For the month of August, M used 2,000 direct labor c. P180,000
d. Cannot be determined without further
hours. The company’s standard direct labor rate per
information.
hour is:
a. P5.50 c. P4.50 – end -
b. P4.75 d. P5.00

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