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Typical Causes of Material Variances
Price Variances
a) Paying lower or higher prices than planned.
b) Losing or gaining quantity discounts via buying in larger or smaller quantities than planned.
c) Buying higher or lower quality than planned.
d) Buying substitute material because of unavailability of planned material.
Usage (Efficiency) Variances
a) Lower or Greater field from material than planned.
b) Gains or losses because of use of substitute or lower/gather quality than planned.
c) Efficiency or inefficient machinery.
d) Lower or Grater rate of scrap than anticipated.
e) Poorly trained workers or extremely high quality labour.
Q. Given the below information, what is the dollar amount that the LIFO liquidation added to gross margin? Number of Units Price per Unit
explain fully the concept of the cost.how does cost accounting contribute to the effective and efficent management of an industrial established?
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on june 2005 20 units of the product in stock the following is extracted from the companys books direct material-200 per unit,direct labour 150 per unit, variable production overhe
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full explanation on cost concept and classification
Given the below information, what are the values for COGS and ending inventory for each costing method below? Number of Units Price per Unit
exercise solution
1. Develop a list of tasks that a newly appointed CFO would be responsible for, including relevant reports they will access and review and the schedule for when this would occur.
The Smiths have two children who live with them: Sandy and Judy. Both are full-time students. Sandy is an accomplished singer and made $4,200 during the year performing at special
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