# Archive about 'Formula-Cost Accounting'

# Overhead Costing Formulas

Tweet OVERHEAD COSTING FORMULAS Predetermined absorption rate estimated or budgeted overhead for the period estimated or budgeted units of base for the period Direct material cost % rate budgeted overhead x 100 budgeted direct material costs Direct labor cost % rate budgeted overhead x 100 budgeted direct labor cost Prime cost % rate budgeted overhead […]

# Labor Costing Formulas

Tweet LABOR COSTING FORMULAS Gross pay Hours worked x rate per hour or number of units produced x rate per unit Halsey scheme 50% of time saved x rate per hour Halsey Weir scheme 1/3 of time saved x rate per hour Rowan scheme (time taken/time allowed x time saved) x rate per hour Time […]

# Formulas-Standard Costing

Tweet FORMULAS USED IN STANDARD COSTING Material cost variance Standard material cost less actual material cost Material price variance (standard price less actual price) x actual quantity purchased or used Material usage variance (standard quantity for actual output less actual quantity) x standard price Material mix variance (actual mix less standard mix ) x standard […]