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STANDARD COSTING
STANDARD COSTING is a method, which uses standards for costs and revenues for the idea of control by variance analysis. It can be used either through operations or processes or with exact order type of cost accounting system.
A STANDARD COST is described as 'a pre-determined calculation of how much costs should be under exact working situations. It is built up from the assessment of the value of cost elements and associated technical qualifications and specifications of materials, labour and other costs to the prices and / or wage rates expected to apply throughout the period in which the standard cost is intended to be used.
A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At tha
Determine Cost per Unit By Using Marginal and Absorption Costing The given information was extracted from the book of a company for the year ended on date 31/12/2001. Outpu
Two firms compete in a homogenous product market where the inverse demand function is P = 10 - 2Q (quantity is measured in millions). Firm 1 has been in business for 1 year, while
Effects of differential cost analysis in decision making
Cost Data Determination How does one decide the cost data for products and the services which are the end result of the productive processes? The response to this question is m
Q. Given the below, partial bond accretion table, what was the market rate of interest when the bond was issued? Cash Interest
Extracts from P Co''s records for last month are as follows: BUDGET ACTUAL PRODUCTION 7,000 UNITS 7,200 UNITS Direct Material $42,000 $42,912 Calculate
Allocation of Service Department Costs Allocation of Service Department Costs to Production departments ,Service departments are those departments that provide support to prod
Typical Causes of Labour Variances Labour Rate Variances a) Higher rates being paid than planned because of wage raise awards. b) Lower or Higher grade of work
Ass ume that during April, the job cost sheet for Job 206 showed the following: Dept. A Dept. B M
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