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Standard Costing-Difficult Portion Now Became Simple

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Published in: Cost Accounting and Financial Management
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Hi Students, I know the above topic you found is so difficult during the exams of CA, ICWAi very difficult please use my format for your easy reference in the topic called Standard Costing. Very Simple and helpful to solve any problems in the above topic.

Mahesh S / Chennai

6 years of teaching experience

Qualification: B.Com (KU - 2009)

Teaches: CA - CPT, CA - IPCC, CS - Executive, CS Professional, Accountancy, Computer Science, Hindi, Mathematics, School Level Computer, Costing, Direct Tax, Statistics

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  1. Estimate+Acceptance Compare Standard v/s Actuals Cost compared Std>Actuals StdActuals Std
  2. MPV Ml-JV MMV MYV 3-2 1-3 4-3 1-4 Labour Variance Labour Cost Without Idle Time HrsXRate "I-IXR" Labour Rate Variance Term Remember at a glance Table Type of Labour "C REM (2) AHXAR Full Actuals LCV LRV LEV LMV LYV 1-2 3-2 1-3 4-3 1-4 Labour Variance Labour Cost SHXSR Full Std With Idle Time HrsXRate "I-IXR" Labour Cost Variance Labour Mix Variance Variance (3) AHXSR Labour Cost Variance Labour Rate Variance Labour Effi( SM of AH * RSQ (Revised St RSH Labour Effi(
  3. Revised Efficiency Term Remember at a glance Table Type of Labour Idle Time (1) SHXSR Full Std IT RE "C REM (2) AHXAR Full Actuals Labour Idle Time Variance (always Adverse as Answer) Labour Mix Variance Variance (3) AHXSR (Abnormal Idle Time) 4 c + 5+2 SM of AH * RSQ (Revised St RSH LCV LRV LEV LITV LREV LMV LYV 1-2 3-2 1-3 AITXSR LEV-LITV 4-3 1-4 (Follow formulae) Idle time Example When there is a power shut down or machinery break down work will be stopped. But labourers are to be paid such payment is Idle time payment. Overhead Variable Overhead VOH per unit Term Remember at a glance HrsXRate ("HXR") (1) SHXSR/hr Or AOXSR/unit "CEE " (2) Variance Table Particulars Hrs as base AHXAR/hr Variable Overhead Expenditure Variance (another term of Rate) 3 c + 3Forn (3) AHXSR/hr
  4. Units as base VOHCV 1-2 VOHExV 3-2 VOHEfV 1-3 Full Std SR/unit Bud.VOH Bud.Output Fixed OH Expenditure Variance Full Actuals SR/hr Bud.VOH Bud.Hrs Fixed Overhead Variance Absorption Costing Method Fixed OH Cost Variance Fixed OH Volume Variance FOH Capacity Variance FOH Efficiency Variance Term Remember at a glance "C Ex vo CAP E CAI " Variance FOHCV FOHExV FOHVoV FOHCapV FOHEffV FOHCalV 1-2 3-2 1-3 4-3/4-5 1-4 5-3 Base used (1) SHXSR/hr Or AOXSR/unit Total Approach (Selling Price) Term Remember at a glance (2) AFOH AHXAR/hr Or AOXAR/unit "S Pri vo Mix Qty" (3) BFOH BHXSR/hr Or BOXSR/unit Sales Variance Variance 5 c + 6Forn AHXSR/hr Or SOXSR/unil Margin (Pft) 4 c + 5Forn Selling Price pft 'Qty* Price" 'Qty*Mgin"
  5. Type of Products Total Approach Margin Approach Budgeted Mgin Actual Mgin (1) BQXBP Fully Budgets BQXBM BP-SC AP-SC (2) AQXAP Fully Actuals AQXAM (3) AQXBP AQXBM RBQXBP RBQXBM (don't take Actual Cost for calculating Actual Mgin)
  6. ce Overhead Variable OH ;age Variance Fixed OH Material Yield Variance nulae d Qty) Std Mix to be applied on Actual Qty
  7. :iency Variance Labour Yield Variance nulae SR d Qty) Std Mix to be applied on Actual Hrs :iency Variance Labour Mix Variance Or Gangue Mix Variance Labour Yield Variance Or Sub Usage Variance Or Sub Efficiency Variance
  8. Labour Revised Efficiency Variance (b/f) Labour Yield Variance ormulae SR d Qty) Std Mix to be applied on Actual Hrs Labour Mix Variance Or Gangue Mix Variance Labour Yield Variance Or Sub Usage Variance Or Sub Efficiency Variance æven for such times of the work. No work extracted but labour cost is to be paid Variable Overhead Cost Variance Variable Overhead Efficiency Variance nulae
  9. FOH Calendar Variance nulas (5) PHXSR/hr Or POXSH/unit )roach nulas 5th column applicable only when AD>BD Instead of putting left hand side formulae use below :- BFOH x AD
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