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Overhead Cost Analysis and Classification
Overhead costs may be analyzed into
a) Which that may be directly identifiable along with a single cost center, as an example of, wages paid to indirect workers who that work solely in one cost center as like making department.
b) That which is incurred like a single figure and is then shared amongst cost centers that make employ of it, as an example of, the rates payable to the local authority
c) The total cost of a service department, for example, maintenance department will have various costs charged to it for material, labor and other expenses.
Allocation of Joint Costs Whereas two or more products of relatively high value emerge simultaneously from a single process, they are named as joint products. The processes s
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TYPES OF VARIANCES Variances are computed for the entire three basic elements of cost - direct labour, direct material, and overhead variance 1. Direct labour variance 2.
DEFINITION OF BUDGET As per the Institute of Cost & Management (ICMA), London, a BUDGET is 'a quantitative statement and / or financial, prepared and approved prior to a defin
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