All categories

2 years ago

The difference between the actual cost incurred and the standard cost is called the?

1 answer:

Taya2010 [7]2 years ago

4 0

A Standard Cost Variance is a difference between the actual cost incurred and the standard cost against which it is measured.

The main difference between normal costing and standard costing is that normal costing uses actual costs for material and direct labor costs, whereas standard costing uses predefined costs for these two items. That's it.

This difference between standard cost and actual cost is called variance. An unfavorable variance occurs if the actual cost is higher than the standard.

The main difference between marginal costing and standard costing is that marginal cost is a subset of standard cost and standard is a superset of marginal costing. Description: Standard costing is a costing method and there are two types of costing methods.

Learn more about Standard Cost Variance here: brainly.com/question/25790358

#SPJ4

You might be interested in

If the abnormal return for a stock during the first week is +5 percent and +3 percent during the second week, what is the abnorm

saul85 [17]

Answer:

C) 8.15 percent

Explanation:

The computation of the abnormal return for the two week period is as follows:

Abnormal return is

= (1 + first week abnormal return) × (1 + second week abnormal return) - 1

= (1 + 5%) × (1 + 3%) - 1

= 1.0815% - 1

= 8.15%

Hence, the correct option is c.

We simply applied the above formula so that the correct value could come

And, the same is to be considered

8 0

3 years ago

Barbara Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following e

Amanda [17]

Solution :

Date Account Debit($) Credit($)

April 2 Cash 27,330

Equipment 14,650

Capital 41,980

April 2 No journal is required on hiring employee

April 3 Supplies 338

Accounts payable 338

April 7 Rent expense 590

Cash 590

April 11 Accounts receivable 929

Service revenue 929

April 12 Cash 3021

Unearned service revenue 3021

April 17 Cash 2535

Service revenue 2535

April 21 Insurance expense 101

Cash 101

April 30 Salary expense 1352

Cash 1352

April 30 Supplies expense 138

Cash 138

April 30 Computer 5841

Capital 5841

3 0

3 years ago

Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed so

victus00 [196]

Answer and Explanation:

The missing amount is as follows:

Return on Profit Investment Operation Sales Average

Investment Margin Turnover Income Revenue Invested Assets

5% 10% 0.50 $70,000 $700,000 $1,400,000

(0.50% of 10) ($70,000 ($700,000 ÷

÷ $700,000) $1,400,000)

4% 8% 0.50 $100,000 $1,250,000 $2,500,000

(0.50 of 8%) (0.50 of $2,500,000)

15% 12% 1.25 $168,000 $1,400,000 $1,120,000

(1.25 of 12%) (12% of $1,400,000) ($1,400,000 ÷ 1.25)

10% 5% 2 $30,000 $600,000 $300,000

($30,000 ÷ $600,000) (10% of $300,000) ($600,000 ÷ 2)

4 0

3 years ago

Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,300 Direct labor 32,

Papessa [141]

The Cost of Goods Manufactured is $104,100.By adding the direct material cost with the direct labor cost ,factory overhead,beginning work in progress and deducting the value obtained from the ending work in process value we get the The Cost of Goods Manufactured

Explanation:

The information Given in the question is

Beginning finished goods inventory

$ 12,300

Direct labor

32,100

Beginning work in process inventory

8,700

General and administrative expenses

15,000

Direct materials used

42,000

Ending work in process inventory

10,500

Indirect labor

7,800

Ending finished goods inventory

11,000

Indirect materials

15,000

Depreciation - factory equipment

9,000

So the formula for the

Cost of Goods Manufactured = Direct Materials + Direct Labor + Factory Overhead + Beginning Work in Process - Ending Work in Process

Cost of Goods Manufactured = $42,000 + $32,100 (Indirect Labor + Indirect Materials + Depreciation Factory Equipment) + $8,700 − $10,500

Cost of Goods Manufactured = $42,000 + $32,100 + $7,800 + $15,000 + $9,000 + $8,700 − $10,500 = $104,100.

So,the Cost of Goods Manufactured = $104,100.

8 0

3 years ago

Read 2 more answers

Firms that pursue cost advantage will implement different structures and systems distinguishable from those pursuing differentia

Firdavs [7]

Answer:

d. Low levels of job specialization

Explanation:

Firms that pursue cost advantage have effective & efficient management techniques.

Employee remuneration based upon individual productivity , Frequent performance reporting , High levels of outsourcing : are all important for proper management of firms to achieve cost advantage.

However, proper effective & efficient management cant be achieved without proper division of labour & specialisation of job. So, firms pursuing cost advantage have all features in their systems except 'Low levels of job specialization'

4 0

3 years ago