In this introductory course we explore how a company will perform variance analysis on materials and labor costs.

Course Key Concepts: Introductory managerial accounting, Variance analysis, Materials price variance, Materials quantity variance, Labor rate variance, Labor efficiency variance.


NOTE: A downloadable file ‘Chapter 5.epub’ is available for this course. To access that file, please click here to download the file and use the appropriate player like (apple books or adobe digital editions) to run the file correctly.

Other Modules of Introductory Managerial Accounting by Erik Slayter.
1. Introductory Managerial Accounting - Classifying Costs
2. Introductory Managerial Accounting - Job Costing
3. Introductory Managerial Accounting - Cost, Volume-Profit Analysis
4. Introductory Managerial Accounting - Budgeting
5. Introductory Managerial Accounting - Variance Analysis
6. Introductory Managerial Accounting - Capital Budgeting

Learning Objectives
  • Explore and understand flexible budgets.
  • Recognize and calculate variances.
  • Discover and interpret variances.
Last updated/reviewed: August 9, 2023
Course Search
3 Reviews (24 ratings)

Reviews

5
Member's Profile
Great basic course on calculating and analyzing material and labor variances. I liked the possible explanations of the variances and how they might help managers make decisions.
5
Anonymous Author
I am currently working with variances, so this information was very relevant and helpful.
4
Anonymous Author
A good quick and solid refresher on costing variances.
Prerequisites
Course Complexity: Foundational
Basic understanding of financial statements (Introductory Financial Accounting) and the Introductory Managerial Accounting - Budgeting course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to variance analysis3:28
  Understanding Material and Labor Variances16:12
  Example 19:50
  Example 28:06
  Example 39:24
CONTINUOUS PLAY
  Variance Analysis47:00
SUPPORTING MATERIAL
  Handouts: Introductory Managerial Accounting - Variance AnalysisPDF
  Practice: Introductory Managerial Accounting - Variance AnalysisPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam