0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is the difference between Actual costing and normal costing?
actual costing uses actual indirect-cost rates normal costing uses budgeted indirect-cost rates
Is indirect material is fixed cost or variable cost?
Indirect material is normal fixed cost that is why it is allocated using some kind of ratio or formula.
Normal costing system?
A costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and that allocates indirect costs based on the budgeted indirect-cost rates times the actual quantities of the cost-allocation bases.
What two cost elements are required to calculate an indirect cost rate?
Indirect cost rate is equal to Indirect Cost Pool divided by Indirect Cost Allocation Base.
What two costs elements are required to calculate an indirect cost rate?
Indirect cost rate is equal to Indirect Cost Pool divided by Indirect Cost Allocation Base.
Formula for calculating cost of funds?
5.4%
What is the difference between Actual costing and normal costing?
actual costing uses actual indirect-cost rates normal costing uses budgeted indirect-cost rates
Is there a formula for calculating labour cost?
Yes, there is a formula for calculating labor cost, which is: Labor Cost = Number of Hours Worked x Hourly Rate This formula can be adjusted depending on additional factors like overtime or bonuses.
Is indirect material is fixed cost or variable cost?
Indirect material is normal fixed cost that is why it is allocated using some kind of ratio or formula.
What is the formula for calculating budget overrun?
Overrun = cost - budget
What is the formula for calculating liquor cost using the purchase method?
NO
Normal costing system?
A costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and that allocates indirect costs based on the budgeted indirect-cost rates times the actual quantities of the cost-allocation bases.
Is indirect material fixed costs or variable costs?
Indirect material is normal fixed cost that is why it is allocated using some kind of ratio or formula.
What two cost elements are required to calculate an indirect cost rate?
Indirect cost rate is equal to Indirect Cost Pool divided by Indirect Cost Allocation Base.
What two costs elements are required to calculate an indirect cost rate?
Indirect cost rate is equal to Indirect Cost Pool divided by Indirect Cost Allocation Base.
What is the formula for calculating cost before tax is added?
If the relevant tax rate is t% and the after-tax cost is n, then the basic cost is n/(1 - t/100).
Formula for calculating straight line depreciation?
Formula for straight line depreciation is as follows: Depreciation = (Cost of asset - salvage value) / useful life of asset
