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Materials mix variance: It can be described as that portion of direct material usage variance which is the variation between the actual quantities of ingredients used in a mixture at standard price and the entire quantity of ingredients used at the weighted average price for each unit of ingredients as displayed by the standard cost sheet.
MMV = Standard Price (Standard Quantity - Actual Quantity)
(or) when standard is revised because of the shortage of a particular type of material
MMV = Standard Price (Revised Standard Quantity - Actual Quantity)
Where Revised standard quantity = Total weight of actual mix x Standard quantity
Total weight of standard mix
Operation and Design of Cost Accounting Systems A number of features should be taken into account previously to finalizing the design of a cost and management accounting syste
Importance of Cost Classification Analysis of cost behaviour is significant to all organizations for effective management. It is since many organizations have a unique cost st
Fosson Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor)
Approach in Cost Accounting Cost accounting is based on the framework or concept of cost centers that is all the costs incurred throughout the production process contain to be
explain one operation: unit or output cost
cost accounting as a descriptive/analytical discipline
You are provided with the subsequent information relating to Cello Ltd. The accountant is currently preparing the budget for the next three months ending 30 June 2010.
A company started with $0 in direct materials, purchased $5,000 of materials, and ended with $300 in materials. Direct labor equaled $4,000. The applied overhead for the period was
what are the concept and objectives of cost accounting?
cost with respect to accounting period
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