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Material usage variance
Difference among standard quantity of material and actual quantity used is the material usage variance. This variance arises due to:
Economic use of materials
Use of substitutes
Higher/less wastage of materials
Changes in designs or specification of product
What is Standard costing Standard cost is a predetermined cost. It is a determination in advance of production of what should be the cost. When standard costs are used for the
definition and illustrations
JIT and Management Accounting Management accountants in many organizations have been criticized because of their failure to change their managing accounting system to reflect
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explain briefly variable cost, fixed cost and semi- variable in the production cost of a productor service, giving example for each
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WHY VARIANCES IS INVESTIGATED UNDER STANDARD COSTING
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