Three Questions On Store Control Question No 1 You just joined an engineering company. The company set up a department to deal with stock control. Your boss asked you to narrate the functions of the stock controller and the importance that this department must operate efficiently. Question No 2 (a)You are the Accountant to a … Read more
Actual data of Company A’s Cost Department for month of June’07: Number of units produced 180 Overhead costs $19,400 Hours worked 4,050 Number of working days 20 Company A’s Budget & Standard Costing figures Standard hours per unit 20 Standard overhead rate per hour $6.25 Standard fixed overhead rate per hour … Read more
Question: You are required to calculate the variance in respect of the following: (a) Materials: Standard price-$4.15 per unit; actual price-$4.28 per unit: material requisitioned 1,000 units; production achieved 1,020 (b) Labor Standard rate-$1.80 per hour; rate paid $1.95 per hour; standard time allowed per article 8 minutes; hours … Read more
Historical costing : Actual cost adjustment is delayed until after the completion of the operation and there is no indication of efficient or inefficient performance. The time-lag in reporting costs delays the introduction of corrective action The necessary investigation is time-consuming Compared to: Standard Costing: Standard costing is a system which introduces cost control and … Read more