Standard Costing - Cause of Variances

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5 Terms

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Materials, Labour, Overheads

Cost Elements of Standard Cost of a Product

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Favourable Variances

if business use or pay less than expected

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Adverse Variances

If business uses more or pay more than expected

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Formula for calculating Budgeted Fixed Overhead Rate

BOAR = Budgeted Fixed Overheads / Budgeted Activity

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