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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: September 12, 2022

1 Review (9 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.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:28Introduction to variance analysis
  16:12Understanding Material and Labor Variances
  9:50Example 1
  8:06Example 2
  9:24Example 3
CONTINUOUS PLAY
  47:00Variance Analysis
SUPPORTING MATERIAL
  PDFHandouts: Introductory Managerial Accounting - Variance Analysis
  PDFPractice: Introductory Managerial Accounting - Variance Analysis
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM