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 […]