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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.
Advantages of ratio analysis 1) Helpful in financial analysis: financial analysis is easier if accounting ratios are used to analyze the different financial statement relatio
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5
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Selling product for 31.00 and Variable expenses are 26.00. In order to cover the fixed expenses 31,500 hats must be sold what is the Total fixed cost in dollars?
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