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Material usage variance
Difference among standard quantity of material and actual quantity used is the material usage variance. This variance arises due to:
Economic use of materials
Use of substitutes
Higher/less wastage of materials
Changes in designs or specification of product
Illustrate the concept of Cost The term cost indicates the amount of expenditure (actual or national) incurred on, or attributable to, a specified thing or thing or cost unit.
what are characteristics of relevant cost?
Moore Company uses process costing. The following information was available for October: During October, 1,000 units were started, and costs incurred during the month were
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What have to Focus on Traditional standard costing In traditional cost systems focus is to meet standard cost measurement by avoiding unfavorable variances. Under kaizen coat
Graphic method of break even analysis or break even chart The break even point can also be computed graphically. A break even chart is a graphical representation of marginal co
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