Labor Variance

Following are the main types of Labor Variances :-

1. Labor Cost Variance

Formula of Labor Cost Variance = Standard Cost of Labor - Actual Cost of Labor

2. Labor Rate of Pay Variance

Formula of labor rate of pay variance = Actual Time ( standard Rate - Actual Rate )

3. Labor Efficiency Variance 

Formula of Labor Efficiency Variance = Standard rate ( Standard time - actual time )

4. Idle Time Variance 

Formula of Idle Time Variance = Abnormal Idle Time X Standard Rate

5. Labor Mix or Gang Composition Variance 

Formula of Labor Mix or Gang Composition Variance

= Total Time of actual labor composition / Total time of standard labor composition X {(standard cost of revised standard composition ) - (standard cost of actual composition) }

6. Labor Revision Variance 

Formula of Labor revision variance = Standard labor cost of actual output at original standard rate - Standard labor cost of actual output at current standard rate


"accounting software" "cost accountant" "financial management" account accountant accounting accounting education accounting format accounting glossary accounting questions accounting software accounting Term ad advertising american express answer auditing balance sheet bank bba BCA bonus business Business Dictionary CA CA- IPCC CA-CPT CA-Final capital career Category cfa children coaching company conferences Consignment Accounting contact corporate accounting Correction of Spelling and Grammar Mistakes cost cost accounting CPT credit card debit card debt degree depreciation dictionaries donation earning ecommerce economics education Events finance Finance Dictionary financial financial accounting financial mathematics Financial Ratios forex management free funds google google apps google talk guest writer Help Center ICWAI IFRS inspiration insurance terms interest journal entries lectures List management accounting mathematics MBA MCA media mutual funds ngo notes overhead pdf pnb presentation Prof. Vinod profiles quickbooks quiz ratio rbi reporting Service Tax shares solution students tally tax teacher teaching Test Testimonials tips treasury management tutorial UGC NET Commerce video webinars Wikipedia working capital
Education : Labor Variance
Labor Variance
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock