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What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
Is variable overheads include in prime cost?
Direct labor and direct materials are the components of prime cost so no other cost is part of prime cost and hence variable overheads also not included in prime cost.
How do you calculate cost price?
Total cost price = Material cost + labor cost + overheads costs
Is indirect labor part of prime cost?
Only direct material and direct labor is part of prime cost while overheads are part of conversion cost so indirect labor is part of overheads so automatically part of conversion cost and not prime cost.
What is meant by allotment?
overhead allotment means the charging of overheads to cost units or cost centres.
What is a cost sheet in cost and works accounting?
cost sheet is division of three parts like 1.factory overheads,2.administration overheads,3.selling & distribution overhead. on the basis of this total exact cost is caculated,as it is too important for and cost & work accountant.
What are the three elements in a cost contlol system?
materials, labour and overheads
How do you find the cost to the store?
It is the wholesale price plus a share of the overheads.
When calculating total cost do you add in variable manufacturing overhead fixed manufacturing overhead or both?
Following is the formula for total costtotal cost = fixed overheads + variable overheads + direct labor + direct material
What is overhead cost in economics?
Overheads are indirect costs which cannot be traced in to any specified cost objects
What is meant by overhead allotment?
overhead allotment means the charging of overheads to cost units or cost centres.
Difference between marginal cost accounting statements and absorption cost accounting statement?
marginal costing considers only direct) materials,labour,expenses and variable factory overheads excluding fixed factory overheads but absorption considers (direct) materials ,labour,expenses,variable and fixed factory overheads.
