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


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Education of Accounting : Labor Variance
Labor Variance
Education of Accounting
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