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What is Scientific standards and Variance analysis
The important steps of standard costing as described above may be summarized as follows;
1) Scientific standards: standard for each element of manufacturing cost-material, labor and overhead-are scientifically established. They act as bench-marks for performance.
2) Cost comparison: standard costs and actual costs are collected and compared to ascertain variances.
3) Variance analysis: variances are properly analyzed and explained. Significant variances are reported to top management.
4) Corrective actions: Corrective actions are taken to ensure that future performance will be in accordance with standards.
Illustration: ABC analysis Combine items on the basis of their relative value to form three categories—A, B and C. The data in the table below illustrates the ABC analysis.
Ask question #Miwhy is the activity based costing unaccepable for external financial reportnimum 100 words accepted#
the brown boot company was formed
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