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Standard Costs Establish the Minimum Desirable Costs
When actual costs incurred exceed or else are below the standard costs, we after that investigate the variances along with an objective to take suitable corrective measures. Standard costing, on another hand, is explained as the process of establishing predetermined estimates of the costs of products and services and comparing this along with the actual cost when they are incurred. Hence, it is an exercise that finds out the expected cost levels under specific conditions standard costs, after that applies the standard costs to the real performance or performance analysis so as to find out the difference or variance. This variance can be good like favourable or bad like un-favourable depending on whether this is more or less than the standard; this is the basis of taking corrective action or Control. The difference needs to be further analyzed to find out how it came about. It is referred to as variance analysis and it is significant since it pinpoints the exact reasons of favourable (F) or unfavourable (U) deviation. Such purposes can be accurate so as to achieve the desired performance.
Variable Overhead Variance This is the dissimilarity between the variable overheads absorbed and the actual variable overheads warned. Therefore it can be described as the und
These balances for a company x Raw materials $40,000 Work in process $30,000 Finished goods $60,000 for the current year the company estimated that it would work 150.000 mach
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how to post journal to ledger four coloumn
Ordering cost is incurred whenever the inventory is replenished. It includes costs associated with the processing and chasing of the purchase order transportation, inspec
A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of d
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