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  • Standard Costing Practise

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    The document contains accounting information related to standard costing variances, including formulas and calculations for material, labor, variable overhead, fixed overhead, and sales variances. It provides accounting data such as actual and standard hours, units, rates, and costs. Variance calculations and results are shown for material, labor, variable overhead, fixed overhead, and sales. The total variances and their favorable or unfavorable amounts are indicated.

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    The document contains accounting information related to standard costing variances, including formulas and calculations for material, labor, variable overhead, fixed overhead, and sales variances. It provides accounting data such as actual and standard hours, units, rates, and costs. Variance calculations and results are shown for material, labor, variable overhead, fixed overhead, and sales. The total variances and their favorable or unfavorable amounts are indicated.

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    10 views7 pages

    Standard Costing Practise

    Uploaded by

    Ftzd
    The document contains accounting information related to standard costing variances, including formulas and calculations for material, labor, variable overhead, fixed overhead, and sales variances. It provides accounting data such as actual and standard hours, units, rates, and costs. Variance calculations and results are shown for material, labor, variable overhead, fixed overhead, and sales. The total variances and their favorable or unfavorable amounts are indicated.

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    of 7

    DATA PG 49

    FIXED FOH EXPENDITURE VARIANCE


    AH 4200 HOURS
    SP 900 UNITS AC - BC OR SC BC = SP X SRP
    SR RS
    SHR 6 HOURS AC - (SP X SRP)

    AP 800 UNITS 47000 .- 45000 2000 A


    AC 47000 RS
    SRP 50.0 SHR SR
    50 6
    BC FIXED FOH VOLUME VARIANCE

    BC - AC (at SRP)
    BC = SP X SRP 0 900 X SRP
    (SP X SRP) - (AP X SRP)
    SRP 0
    45000 .- 40000 5000 A

    TOTAL FIXED FOH VARIANCE 7000 A


    BC BUDGETED COST
    SC STANDARD COST
    SP STANDARD PRODUCTION OR BUDGETED PRODUCTION
    SRP STANDARD RATE OF PRODUCT
    SRP SHR X SR
    TOTAL MATERIAL VARIANCE STANDARD COSTING
    MATERIAL PRICE VARIANCE AQ ACTUAL QUANTITY (ACTUAL QUANTITY OF RAW MATERIAL PURCHASED / USED IN TOTAL)
    MATERIAL QUANTITY VARIANCE AR ACTUAL RATE (PER UNIT RATE OF RAW MATERIAL PURCHASED)
    SR STANDARD RATE (PER UNIT RATE OF RAW MATERIAL PURCHASED)
    TOTAL LABOR VARIANCE SQR STANDARD QUANTITY REQUIRED/UNIT (PER UNIT RAW MATERIAL FOR PRODUCTION)
    SQA STANDARD QUANTITY ALLOWED BY MANAGEMENT ( AP X SQR)
    LABOR RATE VARIANCE AP ACTUAL PRODUCTION OF FINISHED GOODS (TOTAL)
    LABOR EFFECIENCY VARIANCE AC ACTUAL COST (ACTUAL COST OF RAW MATERIAL PURCHASED IN TOTAL)

    TOTAL VARIABLE FOH VARIANCE

    VARIABLE EXPENDITURE VARIANCE


    VARIABLE EFFECIENCE VARIANCE

    TOTAL FIXED FOH VARIANCE

    FIXED FOH EXPENDITURE VARIANCE


    FIXED FOH VOLUUME VARIANCE

    TOTAL SALES VARIANCE

    SALES PRICE VARIANCE


    SALES QUANTITY VARIANCE
    DATA
    SALES PRICE VARIANCE
    AQS 4850 units
    AR AQS (AR - SR)
    SR 20 $ OR
    AS - (AQS X SR)
    SQS 5100 KG
    -1400 A
    AS 95600
    95600 .- 97000

    SALES QUANTITY VARIANCE

    SR (AQS - SQS)

    -5000 A

    TOTAL SALES VARIANCE -6400 A


    DATA
    VARIABLE EXPENDITURE VARIANCE
    AH 8500 HOURS
    AR AH (AR - SR) AH X AR - AH X SR
    SR 0.3 RS OR
    SHR 2 HOURS AC - (AH X SR) AC - (AH X SR)
    SHA 9700 HOURS AP X SHR
    AP 4850 UNITS 50 A
    AC 2600 RS

    VARIABLE EFFECIENCE VARIANCE

    SR (AH - SHA)

    -360 F

    TOTAL VARIABLE FOH VARIANCE -310 F


    DATA PG 49
    FIXED FOH EXPENDITURE VARIANCE
    AH 8500 HOURS
    SP 5100 UNITS AC - BC OR SC BC = SP X SRP
    SR RS
    SHR 2 HOURS AC - (SP X SRP)

    AP 4850 UNITS 42300 .- 37740 4560 A


    AC 42300 RS
    SRP 7.4 SHR SR
    50 2
    BC FIXED FOH VOLUME VARIANCE

    BC - AC (at SRP)
    BC = SP X SRP 0 5100 X SRP
    (SP X SRP) - (AP X SRP)
    SRP 0
    37740 .- 35890 1850 A

    TOTAL FIXED FOH VARIANCE 6410 A


    BC BUDGETED COST
    SC STANDARD COST
    SP STANDARD PRODUCTION OR BUDGETED PRODUCTION
    SRP STANDARD RATE OF PRODUCT
    SRP SHR X SR
    DATA PG 47
    LABOR RATE VARIANCE
    AH 8500 HOURS
    AR AH (AR - SR) AH X AR - AH X SR
    SR 2 RS OR
    SHR 2 HOURS AC - (AH X SR) AC - (AH X SR)
    SHA 9700 HOURS AP X SHR
    AP 4850 UNITS -200 F
    AC 16800 RS

    LABOR EFFECIENCY VARIANCE

    SR (AH - SHA)

    -2400 F

    TOTAL LABOR VARIANCE -2600 F


    DATA PG 51
    MATERIAL PRICE VARIANCE
    AQ 2300 KG
    AR AQ (AR - SR) AQ X AR - AQ X SR AC = AQ X AR
    SR 4 $ OR
    SQR 0.5 KG AC - (AQ X SR) AC - (AQ X SR)
    SQA 2425 KG AP X SQR
    AP 4850 UNITS 600 A
    AC 9800

    MATERIAL QUANTITY VARIANCE

    SR (AQ - SQA)

    -500 F

    TOTAL MATERIAL VARIANCE 100 A

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