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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.
reasons for favourable or adverse variances i.e. prise usage, mix, yeild
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Assignment help
What have to Focus on Traditional standard costing In traditional cost systems focus is to meet standard cost measurement by avoiding unfavorable variances. Under kaizen coat
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