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Standard Costing
A standard cost is a predetermined calculation of how much is supposed to be incurred under specific particular working conditions. It is not an average of past costs as these may contain mistakes of past inefficiencies and may not incorporate changes in the business's operating environment like an example as, technological changes. Standard costs are developed from a scientific study of the different production cost elements included in producing a certain god or service. These are generally specified in a product's technical specifications. To develop these costs, one needs to have a good idea or reliable calculation of the materials, labour and other cost levels that will apply throughout a specified period. Standard costs give a basis of cost control via variance analysis. This is one of the leases. This is also the basis of budgeting. Standard costs are applied also in setting prices as well as valuing closing stocks and performance evaluation.
Goga Ltd is busy building a five-star hotel in the area, they use the percentage of completion method to determine profits and would like to calculate the profit for the year. dra
Cost Accounting advantage and features
Direct Labour Budget It represents the forecasts of indirect and direct labour requirements to meet the demands of the company throughout the budget period. Therefore the budg
Material Costs - Cost Accumulation However 'Materials' refer to the tangible inputs into the procedure of producing useful output. They might be indirect materials or direct
Behavioral Classification of Costs Definition Cost behavior refers to the change in costs as increase or may decrease like the output level changes that are like we risin
1) The Svelte Jeans Company produces two different types of jeans. One is called the "Simple Life" and the other is called the "Fancy Life". The company sales budget estimates that
Vintage Auto Company manufactures parts to order for antique cars. Vintage Auto makes everything from fenders to engine blocks. Each customer order is treated as a job. Vintage Aut
You are the manager of a firm that sells output at a price of $40 per unit. You are interested in hiring a new worker who will increase your firm's output by 2,000 units per year.
Disadvantages of Standard Costing 1. The system of standard costing is very expensive to install : A lot of money is spent in studying output requirements in terms of materia
Price and Cost information play no role in negotiated transfer prices. Do you agree? Describe.
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