Method One of Reading:-: Standard Costing - I

Cost Accounting Standard Costing___________________________________________________________
STANDARD COSTING - I Method one of reading:Material:SP SQ SP AQ (1) (2) a) Material cost variance b) Material price variance c) Material usage variance ) Material !i" variance e) Material #iel variance a!our:SR S$ SR A$ (pai (1) (2) = = = = =
SP RSQ AP AQ (3) (4) (1) (4) (2)(4) (1) (2) (3) (2) (1) (3)
SR RS$ AR A$ SR A$(%or&e (3) (4) (') (1) (4) (2) (4) (1) (2) (3) (') (') (2)
a) (abour )ost variance = b) (abour Rate variance = c) (abour *++icienc# variance = ) (abour !i" variance = e) (abour , le ti!e variance =
"aria!le O#erheads cost #ariance:SR S$ SR A$ AR A$ (1) (2) (3) a) -ariable .ver/ea s )ost -ariance = (1) (3) b) -ariable .ver/ea s *"pen iture -ariance = (2) (3) c) -ariable .ver/ea s *++icienc# -ariance = (1) (2) 0/ere1 SR =Stan ar rate2/our = 3u gete variable .4 3u gete 4ours $i%ed O#erheads Cost "ariance:SR S$ SR A$(%or&e (1) (2) a) 5i"e b) 5i"e c) 5i"e ) 5i"e e) 5i"e +) 5i"e SR R3$ (3) = = = = = = SR 3$ (4) AR A$(pai (')
.ver/ea s )ost -ariance .ver/ea s 3u gete -ariance .ver/ea s *++icienc# -ariance .ver/ea s -olu!e -ariance .ver/ea s )apacit# -ariance .ver/ea s )alen ar -ariance 3P AQ (2) (4) (1) (4) (2) (2) (1) (2) (3) (3) (1)
(1) (') (4) (') (1) (2) (1) (4) (2) (3) (3) (4) 3P 3u gete !i" AP AQ (3) (4)
Sales #alue #ariance:3u gete Price 3Q (1) a) Sales value variance = b) Sales price variance = c) Sales volu!e variance = ) Sales !i" variance = e) Sales 6uantit# variance = Note :-
i) Actual !argin per unit (AMP7) = Actual sale price selling cost per unit ii) 3u gete !argin per unit (3MP7) = 3u gete sale price selling price per unit
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Sales &argin #ariance:3MP7 3Q (1) 3MP7 AQ (2) = = = = = 3MP7 3u gete !i" (3) (4) (1) (4) (2) (2) (1) (2) (3) (3) (1) AMP7 AQ (4)
a) Sales !argin variance b) Sales !argin price variance c) Sales !argin volu!e variance ) Sales !argin !i" variance e) Sales !argin 6uantit# variance Control Ratio:-
1) *++icienc# Ratio = Stan ar /ours +or actual output 1;; Actual /ours %or&e 2) )apacit# Ratio = Actual 4ours 0or&e 1;; 3u gete 4ours 3) Activit# Ratio = Actual /ours %or&e 1;; 3u gete 4ours
-eri+ication1 Activit# Ratio = *++icienc# )apacit# Ratio
STANDARD COSTING - II Method t'o of reading:Material:a) Material cost #ariance ( S) A) = (SQ AQ) (AQ AP)
b) Material )rice #ariance ( AQ (SP AP) c) Material usage #ariance ( SP (SQ AQ) ) Material &i% #ariance e) Material *ield #ariance ( SP (RSQ AQ) ( (A< S< +or actual input) Stan ar !aterial cost pu o+ output
+) Material re#ised usage #ariance (calculated instead of material yield variance) Stan ar 6uantit# +or actual output = Revise stan ar Quantit# Stan ar price
a!our:a) a!our Cost #ariance b) a!our Rate #ariance c) a!our +fficienc* or ti&e #ariance = S) A) = (S4 SR) (A4 AR) = A4 (SR = AR) = SR (S4 A4)
) a!our Mi% or gang co&)osition "ariance = SR(RS4=A4) e) a!our Idle Ti&e "ariance = , le /ours SR
+) a!our ,ield "ariance = >Actual .utput Stan ar output +or actual input? Stan ar labour cost2unit o+ output g) a!our Re#ised +fficienc* "ariance -instead of ,". ( >Stan ar /ours +or actual output Revise stan ar /ours? Stan ar rate @otes 1= i) ()- = (R- A (M- A ,$- A (<ii) ()- = (R- A (*- A ,$iii) (*- = (M-B (<- (or) (R*O#erhead #ariance: (general +or bot/ variable an +i"e ) a) Standard o#erhead rate -)er hour. = 3u gete .ver/ea s 3u gete 4ours b) Standard hours for actual out)ut = 3u gete /ours Actual .utput 3u gete output c) Standard O/ ) A!sor!ed O/ e) 0udgeted O/ +) Actual O/ = Stan ar /rs +or actual output Stan ar .4 rate per /our = Actual /rs Stan ar .4 rate per /our = 3u gete /rs Stan ar .4 rate per /our = Actual /rs Actual .4 rate per /our
g) O/ cost #ariance = Absorbe .4 Actual .4
"aria!le O#erheads #ariance :a) "aria!le O/ Cost "ariance = Stan ar .4 Actual .4 b) "aria!le O/ +%)1 "ariance = Absorbe .4 Actual -ariable .4 c) "aria!le O/ +fficienc* "ariance = Stan ar .4 Absorbe .4 = > Stan ar /ours +or actual output Actual /ours +or variable .4 ? Stan ar rate $i%ed O#erheads #ariance :a) $i%ed O/ Cost "ariance = Stan ar .4 Actual .4 b) $i%ed O/ e%)enditure #ariance = 3u gete .4 Actual .4 c. $i%ed O/ +fficienc* "ariance = Stan ar .4 (units base ) Absorbe .4 (4ours base ) ) $i%ed O/ "olu&e "ariance = Stan ar .4 3u gete .4 = >Stan ar /rs +or 3u gete ? > actual output /ours ? e) $i%ed O/ ca)acit* #ariance = Absorbe .43u gete .4 +) $i%ed O/ Calendar "ariance = >Revise bu gete /rs 3u gete /rs? Stan ar rate 2 /rs @ote1= 0/en t/ere is calen ar variance capacit# variance is calculate as +ollo%s 1= )apacit# variance = >Actual /ours Revise ? > Stan ar ? > (Revise ) 3u gete /rs? > rate2/our ? Verification: i. "aria!le O/ cost #ariance : = -ariable .4 *"pen iture variance A -ariable .4 *++icienc# variance ii. $i%ed O/ cost #ariance: = 5i"e .4 *"pen iture variance A 5i"e .4 volu!e variance iii. $i%ed O/ #olu&e #ariance: = 5i"e .4 *++icienc# variance A )apacit# variance A )alen ar -ariance Sales #ariances: Turno#er &ethod -or. sales #alue &ethod: a. Sales #alue #ariance = Actual Sales 3u gete Sales !. Sales )rice #ariance = >Actual Price Stan ar price? Actual 6uantit# = Actual sales stan ar sales c. Sales #olu&e #ariance = >Actual=3u gete 6uantit#? Stan ar price = Stan ar sales 3u gete sales d. Sales &i% #ariance = >Actual 6uantit# Revise stan ar 6uantit#? Stan ar price = Stan ar sales Revise sales e. Sales 2uantit* #ariance = >Revise stan ar variance 3u gete 6uantit#? Stan ar price = Revise Stan ar sales 3u gete sales stan ar rate
3rofit &ethod:a. Total sales &argin #ariance: = (Actual Pro+it3u gete price) = CActual 6uantit# Actual pro+it per unitD = >3u gete 6uantit# Stan ar pro+it per unitD !. Sales &argin )rice #ariance: =Actual pro+itStan ar pro+it = CActual Pro+it per unit Stan ar pro+it per unitD Actual 6uantit# o+ sales c. Sales &argin #olu&e #ariance: = Stan ar pro+it 3u gete Pro+it = CActual 6uantit# 3u gete 6uantit#D Stan ar pro+it per unit d. Sales &argin &i% #ariance: = Stan ar pro+it Revise Stan ar pro+it = CActual 6uantit# Revise stan ar 6uantit#D Stan ar pro+it per unit e. Sales &argin 2uantit* #ariance: = Revise stan ar pro+it = 3u gete pro+it = CRevise stan ar 6uantit# 3u gete 6uantit#D Stan ar pro+it per unit
STANDARD COSTING - Gra)hical Eiagra!!atic Representation1 = Material "ariance: -
Material cost #ariance = S) A) = (SQAQ) (AQAP) a!our "ariances:-
a!our Cost #ariance = S) A) = (S4SR) (A4AR) $i%ed O#erhead "ariance : a) Stan ar .4 = Stan ar /rs +or actual output Stan ar .4 rate per /our b) Absorbe .4 c) 3u gete .4 ) Actual .4 = Actual /rs Stan ar .4 rate per /our = 3u gete /rs Stan ar .4 rate per /our = Actual /rs Actual .4 rate per /our
+) Revise 3u gete 4our = Actual Ea#s 3u gete 4ours per a# (*"pecte /ours +or actual a#s %or&e ) 0/en )alen ar variance is as&e t/en +or capacit# varianceB 3u gete .ver/ea is (3u gete Stan ar .4 rate per a#) a#s
Revise 3u gete 4our (3u gete /ours +or actual a#s) = Actual a#s 3u gete /ours per a# "aria!le O#erhead "ariance : -
Sales "alue "ariances : -
Sales value variance = Actual Sales 3u gete Sales
Sales Margin "ariances : -
Total sales &argin #ariance = (Actual Pro+it3u gete price) = CActual 6uantit# Actual pro+it per unitD = C3u gete 6uantit# Stan ar pro+it per unitD >0/ere 1= SC = Stan ar )ostB S3 = Stan ar PriceB A3 = Actual PriceB A, = Actual <iel B RS4 = Revise Stan ar Quantit#B ST = Stan ar $i!e AT = Actual $i!e 03 = 3u gete PriceB R0T = Revise 3u gete $i!e AM35 = Actual Margin per 7nit Reconciliation:Reconciliation state!ent is prepare to reconcile t/e actual pro+it %it/ t/e bu gete pro+it 3articulars 3u gete Pro+it 1 A 5avorable variances (ess 7n+avorable variances Sales -ariances 1 Sales price variance Sales !i" variance Sales 6uantit# variance Cost #ariance :Material 1 )ost variance 7sage variance Mi" variance (abour 1 Rate variance Mi" variance *++icienc# variance , le ti!e variance 5i"e over/ea variance 1 *"pen iture variance *++icienc# variance 5i"e over/ea variance 1 *"pen iture variance *++icienc# variance )apacit# variance )alen ar variance $a#ora!le 5nfa#ora!le -Rs. AC = Actual )ost S4 = Stan ar Quantit# A4 = Actual Quantit# S, = Stan ar <iel SR = Stan ar RateB AR = Actual RateB RST = Revise Stan ar $i!eB 04 = 3u gete Quantit# 0M35 = 3u gete Margin per 7nit

Method One of Reading:-: Standard Costing - I

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Method One of Reading:-: Standard Costing - I

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Cost Accounting Standard Costing___________________________________________________________

Cost Accounting Standard Costing___________________________________________________________

-eri+ication1 Activit# Ratio = *++icienc# )apacit# Ratio

Cost Accounting Standard Costing___________________________________________________________

g) O/ cost #ariance = Absorbe .4 Actual .4

Cost Accounting Standard Costing___________________________________________________________

Cost Accounting Standard Costing___________________________________________________________

Cost Accounting Standard Costing___________________________________________________________

STANDARD COSTING - Gra)hical Eiagra!!atic Representation1 = Material "ariance: -

Material cost #ariance = S) A) = (SQAQ) (AQAP) a!our "ariances:-

Cost Accounting Standard Costing___________________________________________________________

Sales "alue "ariances : -

Sales value variance = Actual Sales 3u gete Sales

Cost Accounting Standard Costing___________________________________________________________

Sales Margin "ariances : -

Cost Accounting Standard Costing___________________________________________________________

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