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Quantity Variances - Performance Metrics in Accounting
The quantity variance is the difference between actual usage and expected usage (i.e. what should have been used to produce the actual output) multiplied by the standard price.
The formula is
Quantity Variances = Usage difference *standard price.
(Standard usage- actual usage)* Standard price
It can be caused by:
i)Variation in yield from materials.
ii) Change in design of product, machinery, tools or method of processing not yet recognized in standards. Etc
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