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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.
Input or exogenous variables These are variables of two types: 1) Controlled variables: These are variables that can be controlled by management. By changing the input
Ranking of Decision Packages The ranking procedure is employed to establish a rank priority of decision packages in the organization. Throughout the ranking procedure managers
WHY VARIANCES IS INVESTIGATED UNDER STANDARD COSTING
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Transportation model In the obvious sense, the model deals with the determination of a minimum cost plan for transporting a single commodity from a number of sources (e.g. factor
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