Standard Costing
This query is : Resolved
04 January 2008
any easy method of calculating Material and Labour variance
04 January 2008
urgent
04 January 2008
+YOUR QUERY INITSELF IS ITS REPLY.
ANY DIFFERENCE IN STANDARDS PARAMETERS AND ACTUAL DATA NOTICED AT THE END OF PERIOD TO BE MONITORED IS THE VARIANCE WHICH MAY BE PLUS OR MINUS. IT MAY QUANTITIVE AND VALUE BASED .
THANKS
S.K.GUPTA
Office Address:
KAMAL ENGINEERING CORPORATION
[UNIT OF KEC INDUSTRIES LTD]
E-MAIL :
kamal@kecindustries.com
kecindia@gmail.com
Delhi Office: 616, Antriksh Bhawan,22 Kasturba Gandhi Marg, New Delhi,
INDIA-110001
Phone : 91-11-23351365, 23723158 Fax : 91-11-23721656, 23351369
Residence Address:
154-F, GHANDHI DHAM
NEAR BUS STAND
JAGADHRI-135003
E-mail:
skgupta_b@sify.com
shivkamaljag@hotmail.com
Phone Resi:01732-314095
MOBILE:
09896627564 [Haryana ]
09810467564 [DEHLI]
ANY DIFFERENCE IN STANDARDS PARAMETERS AND ACTUAL DATA NOTICED AT THE END OF PERIOD TO BE MONITORED IS THE VARIANCE WHICH MAY BE PLUS OR MINUS. IT MAY QUANTITIVE AND VALUE BASED .
THANKS
S.K.GUPTA
Office Address:
KAMAL ENGINEERING CORPORATION
[UNIT OF KEC INDUSTRIES LTD]
E-MAIL :
kamal@kecindustries.com
kecindia@gmail.com
Delhi Office: 616, Antriksh Bhawan,22 Kasturba Gandhi Marg, New Delhi,
INDIA-110001
Phone : 91-11-23351365, 23723158 Fax : 91-11-23721656, 23351369
Residence Address:
154-F, GHANDHI DHAM
NEAR BUS STAND
JAGADHRI-135003
E-mail:
skgupta_b@sify.com
shivkamaljag@hotmail.com
Phone Resi:01732-314095
MOBILE:
09896627564 [Haryana ]
09810467564 [DEHLI]
04 January 2008
Material Variance is to be calculated with formula = Standard Material Cost - Actual Material Cost.At the time of calculating Standard Material Cost, we should multiple Standard Quantity of Actual Output with Standard Price.
Labour Cost Varinace is to be calculated with formula = Standard Labour Cost - Actual Labour Cost.At the time of calculating Standard Labour Cost, we should multiple Standard Hours of Actual Output with Standard Rate.
The Material Variances Subdivided
PRICE, MIX, USAGE, SUB USAGE & Total Material Cost Variance
Labour Variance Subdivided
RATE, MIX, EFFIFICIENCY & Total Labour Cost Variance.
Hope your Query Being Resolve.
Warm Regards
Ronak Shah
(M) 9898198658
Labour Cost Varinace is to be calculated with formula = Standard Labour Cost - Actual Labour Cost.At the time of calculating Standard Labour Cost, we should multiple Standard Hours of Actual Output with Standard Rate.
The Material Variances Subdivided
PRICE, MIX, USAGE, SUB USAGE & Total Material Cost Variance
Labour Variance Subdivided
RATE, MIX, EFFIFICIENCY & Total Labour Cost Variance.
Hope your Query Being Resolve.
Warm Regards
Ronak Shah
(M) 9898198658
04 January 2008
please refer vahist and saxena book for cost accounting in which they have given wonderful formula for this.But without understanding the concept it may not be possible to apply that formula.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
