Basics
Direct Labor Variance
Direct labor variances are categorized as follows: ● Labor Cost Variance ● Labor Rate of Pay Variance ● Total Labor Efficiency…
August 16, 2021 · Boomi NathanBasics
Basics
Direct Material Variance
Material variances can be of the following categories: ● Material Cost Variance ● Material Price Variance ● Material Usage Variance ● Material…
August 16, 2021 · Boomi NathanBasics
Cost Accounting – Variance Analysis
When the actual cost differs from the standard cost, it is called variance. If the actual cost is…
August 16, 2021 · Boomi NathanBasics
Standard Cost Card
Format Standard Cost CardNo … … … …Product… … … …Date of setting Standard… … … … Element…
August 16, 2021 · Boomi NathanBasics
Points Related to Standard Costing
● Standard costing includes pre-determination of costs under specific working conditions. ● In this process, the standard quantity of machine…
August 16, 2021 · Boomi NathanBasics
Cost Accounting – Standard Costing
Planned cost is a key for effective cost control which is not provided by historical cost concepts. The…
August 16, 2021 · Boomi NathanBasics
Advantages of Marginal Costing
The advantages of marginal costing are as follows: ● Easy to operate and simple to understand. ● Marginal costing is…
August 16, 2021 · Boomi NathanBasics
Income Statement under Marginal Costing
Income StatementFor the year ended 31-03-2014 Particulars Amount Total Sales 25,00,000 Less: Variable Cost: Cost of…
August 16, 2021 · Boomi NathanBasics
Ascertainment of Profit under Marginal Cost
‘Contribution’ is a fund that is equal to the selling price of a product less marginal cost. Contribution…
August 16, 2021 · Boomi NathanBasics
Features of Marginal Costing
Features of marginal costing are as follows: ● Marginal costing is used to know the impact of variable cost…
August 16, 2021 · Boomi Nathan