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Type of Variance |
Actual ($) |
Budgeted ($) |
Variance ($) |
Variance (%) |
Favorable (F) / Unfavorable (U) |
Comments/Reasons |
Sales Variance |
120,000 |
100,000 |
18,000 |
20% |
F |
Higher demand than anticipated |
Material Cost Variance |
35,000 |
30,000 |
20,000 |
16.67% |
G |
Higher material costs due to inflation |
Labor Cost Variance |
25,000 |
20,000 |
5,000 |
25% |
B |
Additional overtime costs |
Overhead Variance |
15,000 |
18,000 |
-3,000 |
-16.67% |
S |
Reduction in utility costs |
Total Variance |
17,000 |