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Where the actual cost is found to greater than the standard cost is known as?
adverse variance
Is Standard Cost same as actual cost?
Standard cost is that cost which is budgeted at start of production while actual cost is that cost which actually incurred by business both of them can be same if actual cost incurred is same as allocated or determined in budgeting process using standard cost otherwise there will be difference.
What is favourable?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
What is favourable variance?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
Difference between histotical cost and standard cost?
Standard cost is the cost which is basis to measure the actual cost historical cost is the initial cost
Difference between standard cost actual cost and normal cost?
prices
What is cost price variances?
Price variance is the actual unit cost minus the standard unit cost, multiplied by the actual quantity purchased. The variance is said to be unfavorable if the actual price of the materials is higher than the standard price of the materials.
What is cost variance?
Cost variance means the difference in actual cost from standard cost and very important part of standard costing and budgeting analysis.
When computing standard cost variances the difference between actual and standard price multiplied by actual quantity yields what?
Price Variance
The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the?
The difference between actual quantity and standard quantity is called the material quantity variance.
What are the two variances between the actual cost and the standard cost for direct labor?
The two variances between the actual cost and the standard cost for direct labor are the labor rate variance and the labor efficiency variance. The labor rate variance measures the difference between the actual hourly wage paid and the standard wage expected, multiplied by the actual hours worked. The labor efficiency variance assesses the difference between the actual hours worked and the standard hours allowed for the actual production, valued at the standard hourly rate. These variances help businesses analyze their labor costs and operational efficiency.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
