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Topic : problem on standard costing
Presenting by,
Mahadeva prasad.m
1st MFM,
DOS in commerce,
Manasa gangotri ,
mysore.
The technique of using standard cost for purposes of
cost control is known as standard costing
According to London institu...
Standard costing is a technique which helps
management to control costs and business
operations it aims at eliminating was...
The technique of using standard cost for
purposes of cost control is known as standard
costing
According to london institu...
1. The determination of standard cost
2. The recording of actual cost
3. The comparison between standard cost and
actual c...
From the following into calculate Labour rate
variance , Labour efficiency variance and
Labour cost variance.
 Standard h...
Actual units produced × standard wage rate
250 units × 3 hrs
standard time = 750 hours
(Std time × Std rate) – (Actual time × Actual rate)
(750hrs × 3per hr) – (800hrs × 3.50p per hr)
2,250 – 2,800
Labour cost...
Actual time(Standard rate – Actual rate)
800(3 – 3.50p)
800(0.50p)
Labour rate variance = 400
Std rate per hr(Actual time – std time)
3(800 – 750)
3(50)
Labour turnover variance = 150
LCV = LRV + LTV
550 = 400+150
550 = 550
Cost and Management accounting
-from ICSI (The institute of
company secretaries of India)
Thank you
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Standard costing problem

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Standard costing problem

  1. 1. Topic : problem on standard costing Presenting by, Mahadeva prasad.m 1st MFM, DOS in commerce, Manasa gangotri , mysore.
  2. 2. The technique of using standard cost for purposes of cost control is known as standard costing According to London institute of cost and work accountants as “an estimate cost prepared in advance of production
  3. 3. Standard costing is a technique which helps management to control costs and business operations it aims at eliminating wastes incereasing efficiciency in performance trough setting up standards or formulating cost plans
  4. 4. The technique of using standard cost for purposes of cost control is known as standard costing According to london institute of cost and work accountants as “an estimate cost prepared in advance of production
  5. 5. 1. The determination of standard cost 2. The recording of actual cost 3. The comparison between standard cost and actual cost 4. The finding out of variance 5. The reporting of variance so as to find out inefficiency and take necessary corrective measures
  6. 6. From the following into calculate Labour rate variance , Labour efficiency variance and Labour cost variance.  Standard hours per unit 3 hours  Standard wage rate 3 per hour  Actual units produced 250 units  Actual wages rate 3.50p per hour  Hours worked 800 hour
  7. 7. Actual units produced × standard wage rate 250 units × 3 hrs standard time = 750 hours
  8. 8. (Std time × Std rate) – (Actual time × Actual rate) (750hrs × 3per hr) – (800hrs × 3.50p per hr) 2,250 – 2,800 Labour cost variance = 550
  9. 9. Actual time(Standard rate – Actual rate) 800(3 – 3.50p) 800(0.50p) Labour rate variance = 400
  10. 10. Std rate per hr(Actual time – std time) 3(800 – 750) 3(50) Labour turnover variance = 150
  11. 11. LCV = LRV + LTV 550 = 400+150 550 = 550
  12. 12. Cost and Management accounting -from ICSI (The institute of company secretaries of India)
  13. 13. Thank you

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