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Standard costing System has the following main advantages or benefits:
1. The process in itself often discloses inefficiencies, because the setting of standards requires a thorough analysis of all cost functions.
2. The process of setting standards forces management to plan efficient and economical operations.
3. Standard costs establish clearly defined lines of cost responsibility and authority.
4. Standard costs are likely to be an important aid to management in obtaining acceptable job performance by providing a clear idea as to what constitutes acceptable performance.
5. Variances between actual performance and standard costs facilitate control through the application of the principle of exception.
6. Faster reporting of operating data is possible; the shortened time between action and the availability of control information helps management to prevent the development of unfavorable cost trends.
How does functional classification of overheads like Manufacturing overhead,Administrative overhead affect product cost or profit?
Using labour cost as the focus, discuss the differences in the measurement of labour efficiency / effectiveness where (i) total quality management techniques and (ii)
Stine Company uses a job order cost system. On May 1 st , the company has a balance in Work in Process Inventory of 3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 4
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department.
Determine When to Stock It will be influence with the inventory system in place as given: 1. Periodic order system. The firm obtains a new order of the amo
(a) (i) Conversion Value Conversion Value = Conversion Ratio * Stock Price = 22*$40 = $880 (ii) Market Conversion Price Market Conversion Price =
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
(a) Describe briefly how the following are used in the accounting for labour: (i) time sheets (ii) job cards. (b) The following details relate to the labour in a produ
the folloeing job order cost sheets were purchased for three jobs that were in production during january job 97 job 98 job 99 material
A company adds overhead costs to jobs at the rate of $8 per direct labor hour. It accumulates overhead costs in a seperate manufacturing overhead account and uses normal costing to
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