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Standard costing in modern environment
Standard costing has traditionally been associated with labor-intensive operations, but it can be applied to capital-intensive production too. With the shift to an ‘advanced manufacturing technology’ environment we have seen the following.
It is quite possible that with manufacturing technology variable overheads are incurred in relation to machine time rather labor time, and standard costs should reflect this where appropriate.
With CADCAM systems, the planning of manufacturing requirements can be computerized, with the useful spin-off that standard costs can be constructed by computer, thus saving administrative time and expense while providing far more accurate standards.
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Illustration: ABC analysis Combine items on the basis of their relative value to form three categories—A, B and C. The data in the table below illustrates the ABC analysis.
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The advantages and disadvantages of standard costing The benefits for controlling having a standard costing system in operation can be summed up as follows; Cautiously pl
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INTERPRATATION OF VARIANCE Controllability, Materiality and Trend are the interpretation of variance. The point of comparing flexed budget and real figures is to see what corre
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Participative Budgets In this approach to budgeting, budgets are developed by lower level managers who then submit them to their superiors. The budgets depend on the lower level
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