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Occurrence of Overhead Variances
Overhead variances arise mainly because of the conventions of the overheads absorption process. The overhead absorption rates employed in this process are calculated from two major estimates as:
i. Estimates of expenditure levels.
ii. Estimates of the activity levels throughout the budget period.
Because the two elements are mere estimates, they hardly coincide along with reality, and hence will almost certainly purpose a favourable or unfavourable variance in any type of given accounting period. Overhead variances are caused via efficiency variations also. Since overheads are frequently absorbed efficiency is less or greater than planned.
Apportionment of Overheads Apportionment of overheads occurs whereas the net value of an overhead item is shared among more or two cost centers that employ the overheads. Th
priple of accounting
Distinction between Absorption and Marginal Costing These are two approaches of arriving at the cost of production or total profit for a specified period. The major difference
Cost Units - Terms Used in Cost Accounting It is the quantitative units of the service or product in relation to those costs are ascertained. The cost unit will be determined
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Extracts from P Co''s records for last month are as follows: BUDGET ACTUAL PRODUCTION 7,000 UNITS 7,200 UNITS Direct Material $42,000 $42,912 Calculate
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