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What is Scientific standards and Variance analysis
The important steps of standard costing as described above may be summarized as follows;
1) Scientific standards: standard for each element of manufacturing cost-material, labor and overhead-are scientifically established. They act as bench-marks for performance.
2) Cost comparison: standard costs and actual costs are collected and compared to ascertain variances.
3) Variance analysis: variances are properly analyzed and explained. Significant variances are reported to top management.
4) Corrective actions: Corrective actions are taken to ensure that future performance will be in accordance with standards.
The Rohr Company’s old equipment for making subassemblies is worn out. The company is considering two courses of action: (a) Completely replacing the old equipment with new equipme
HOW TO CALCULATE MATERIAL ACCOUNTING
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