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    Standard costing variances, two-way overhead variances

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    A. Materials price variance for each item.
    Materials price variance = (Act Rate - Std rate) * Actual Qty
    Materials price variance = (Act Rate - Std rate) * Actual Qty
    B. Materials quantity variance for each item.
    C. Labor rate variance.
    D. Labor efficiency variance.
    E. Budget variance.
    F. Volume variance.

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    Solution Summary

    Your tutorial is attached in excel and provides a "grid" that helps you to isolate these variances. The overhead variance is the "two-way" variance method. This is now a template to use for other similar standard costing variance problems.