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What is the fixed manufacturing overhead budget variance equal to?
Fixed manufacturing overhead budget variance is?
What if budgeted manufacturing overhead is not equal to applied manufacturing overhead?
There is a variance.
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.
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.
What does Standard cost card shows in cost accounting?
Standard Cost Card shows that how much standard cost of direct material, direct labour and manufacturing overheads and other costs are required to manufacture product or service and it is helpful in control stage and variance analysis.
What is One potential cause of Total Manufacturing Overhead Variance?
If the estimated materials, labor or overhead costs allocated for a manufacturing order is different from the actual cost of the MO then the potential result is a Manufacturing Overhead Variance.
What is the fixed manufacturing overhead budget variance equal to?
Fixed manufacturing overhead budget variance is?
What if budgeted manufacturing overhead is not equal to applied manufacturing overhead?
There is a variance.
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.
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.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
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.
What is the difference between negative price variance and volume variance?
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
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 does Standard cost card shows in cost accounting?
Standard Cost Card shows that how much standard cost of direct material, direct labour and manufacturing overheads and other costs are required to manufacture product or service and it is helpful in control stage and variance analysis.
What is material cost variance?
The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of influence viz quantity of materials utilized/ required and price of the materials. The fluctuations in the material cost are only due to the fluctuations in the utility of materials due to many factors. Material cost variance can be computed into two different ways: DIRECT METHOD AND INDIRECT METHOD material cost variance= Standard cost of materials for actual output- actual cost of raw materials. MCV=(S Q AO X SP)-(AQ X AP) Indirect Method: material cost variance= Material price variance (MPV)+Material usage Variance
In manufacturing what is capitalized variance?
In manufacturing, capitalized variance refers to the portion of variance that is considered to be a permanent change in the cost structure of a product. This variance is deemed significant enough to be included in the cost of the product, rather than being expensed immediately. By capitalizing the variance, the cost of the product is adjusted to reflect the new, more accurate cost structure. This helps in providing a more realistic representation of the cost of producing the product.
