Standard costing and variance analysis

(Explanations)

Learning objectives:

  • Explain the terms ‘standard’ and ‘standard costing’.
  • Differentiate between standard and budget.
  • Compute and interpret direct materials, direct labor and variable manufacturing overhead variances.
  • Explain the purpose of preparing a variance performance report.

Number of pages: 10
Approximate time required: 3 – 3.5 hours

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