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Standard Costing
A standard cost is a predetermined calculation of how much is supposed to be incurred under specific particular working conditions. It is not an average of past costs as these may contain mistakes of past inefficiencies and may not incorporate changes in the business's operating environment like an example as, technological changes. Standard costs are developed from a scientific study of the different production cost elements included in producing a certain god or service. These are generally specified in a product's technical specifications. To develop these costs, one needs to have a good idea or reliable calculation of the materials, labour and other cost levels that will apply throughout a specified period. Standard costs give a basis of cost control via variance analysis. This is one of the leases. This is also the basis of budgeting. Standard costs are applied also in setting prices as well as valuing closing stocks and performance evaluation.
selection of activity base/level
Relationship among variances We cannot over emphasize the central aim of variance analysis as outlined in the above paragraphs: that is to assign responsibility for a particu
prepare an overhead analysis sheet
The sunshine tomato soup shippers produce tomato soup at three west coast canneries in Bakersfield, phoenix, and Eugene. The soup is shipped to four regional warehouses. Due to hig
What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty
Quicksilver Compnay has set the follwoing standards for one unit of product: Direct material Quantity: 6.2 lbs per unit Price per lb: $11 per lb Direct Labor Quantity: 6 hrs
Q. Given the below, partial bond accretion table, what was the market rate of interest when the bond was issued? Cash Interest
Advantages and Disadvantages of Uniform Costing Advantages 1. It enables costs to be compared simply 2. It makes it easier to computerize the accounting system of d
explain advantages of marginal costing
You are considering starting a walk-in-clinic. Your financial projections for the first year of operations are as follows: Revenues (10,000 visits) $400
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