Standard Costing:
Ø
Standard Costing of Material:
1.
Material Total Variance
2.
Material Price Variance
3.
Material Usage Variance
Calculation of
Material Variance:
1.
Material Total Variance
Standard
Material cost for actual output…………………..XXXX
Actual
Material Cost ………………………………………XXXX
F/A ………………………………………………..XXXX
2.
Material Price Variance
Standard
Material cost for Actual quantity ……………....XXXX
Actual
Material Cost ……………………………………...XXXX
F/A
………………………………………….…………….XXXX
3.
Material Usage Variance
Standard
Material quantity for actual output ……………XXXX Kg
Actual
Material quantity ………………………………...XXXX Kg
F/A
……………………………………………………….XXXX Kg
Ø Standard
Costing for Labour
1.
Labour total Variance
2.
Labour Rate Variance
3.
Labour Efficiency Variance
Calculation of Labour Variance:
1.
Labour Total Variance
Standard
Labour cost for actual output…..………………..XXXX
Actual
Labour Cost ………………………………..………XXXX
F/A ………………………………………………..XXXX
2.
Labour Rate Variance
Standard
labour cost for Actual Hours ... ……..,………....XXXX
Actual
Labour Cost ……..………………………………...XXXX
F/A
………………………………………….…………….XXXX
3.
Labour Efficiency Variance
Standard
Labour Hours for actual output ….……………XXXX
Actual
Labour Hours …. ………………………………...XXXX
F/A
……………………………………………………….XXXX
Ø
Standard Costing for Variable FOH
1.
Variable FOH Total Variance
2.
Variable FOH Expenditure Variance
3.
Variable FOH Efficiency Variance
4.
Variable FOH Total Variance
1.
Variable FOH Total Variance
Standard variable FOH for actual output ………………….XXXX
Actual Variable FOH ………………………………………XXXX
F/A …………………………………………………………XXXX
2.
Variable FOH Expenditure Variance
Standard FOH for Actual Hours
…………………….…….XXXX
Actual Variable FOH ……………………………….……..XXXX
F/A ………………………………………………….……..XXXX
3.
Variable FOH Efficiency Variance
Standard Labour Hours For Actual
output ………………XXXX
Actual Labour Hours ……………………………….…….XXXX
F/A …………………………………………………..……XXXX
Ø Standard
Costing for Fixed FOH
1.
Fixed FOH Total Variance
2.
Fixed FOH expenditure Variance
3.
Fixed FOH Volume Variance
4.
Fixed FOH Volume Capacity Variance
5.
Fixed FOH Volume Efficiency Variance
Calculation of
Fixed FOH Variance:
1.
Fixed FOH Total Variance
Fixed
FOH absorbed for Actual output ………………………XXXX
Actual
Fixed FOH …………………………………………….XXXX
F/A
……………………………………………………………XXXX
2.
Fixed FOH Expenditure Variance
Budgeted
Fixed FOH ………………………………………….XXXX
Actual
Fixed FOH ……………………………………………..XXXX
F/A
…………………………………………………………….XXXX
3.
Fixed FOH Volume Variance
Budgeted
Production Volume………………………………...XXXX
Actual
Production Volume ………………………………….XXXX
F/A
……………………………………………………………XXXX
4.
Fixed FOH volume Capacity Variance
Budgeted
labour hours ……………………………………….XXXX
Actual
Labour Hours …………………………………………XXXX
F/A
……………………………………………………………XXXX
5.
Fixed FOH Volume Efficiency Variance
Standard
Labour Hours for Actual Output ……………………XXXX
Actual
Labour Hours …………………………………………..XXXX
F/A ……………………………………………………………..XXXX
Operating Statement
Budgeted Sales
………………………………………………………. XXXX
Budgeted cost
of goods sold ………………………………………… XXXX
Budgeted gross
profit ……………………………………………….. XXXX
Variances: F A
Sales price
variance…………. xxxx xxxx
Sales volume
variance ……… xxxx xxxx
Material price
variance……… xxxx xxxx
Material usage
variance …..... xxxx xxxx
Labour rate
variance ….......... xxxx xxxx
Labour
efficiency variance…. xxxx xxxx
Labour idol
variance ……….. xxxx xxxx
V. FOH
expenditure variance xxxx xxxx
V. FOH
efficiency variance... xxxx xxxx
F. FOH
expenditure variance xxxx xxxx
F.FOH
efficiency variance…. xxxx xxxx XXXX
Actual gross
profit ………………………………………………….. XXXX
Less: selling
& admin Expenses …………………………………… XXXX
Actual Net
Profit …………………………………………………… XXXX
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