Standard Costs

Definitions

Direct Labour Total Cost Variance Cost Accounting Direct Labour Rate of Pay Variance Direct Labour Efficiency Variance Standard Costs Actual Costs Production Costs

The Direct Labour Total Cost Variance is a key metric used in cost accounting to analyze the difference between the actual cost of direct labour and the standard cost allocated for the production of goods.

Definitions

Labour Variances

Labour Variances Cost Accounting Direct Labour Efficiency Variance Direct Labour Rate of Pay Variance Direct Labour Total Cost Variance Standard Costs Actual Costs

Labour variances are a critical measure in cost accounting, used to analyze the difference between the actual labor costs and the standard labor costs. They help in identifying areas where inefficiencies and cost overruns occur.

Read more about Labour Variances.

Definitions

Standard Direct Materials Price

Standard Direct Materials Price Standard Costing Direct Materials Standard Costs Cost Accounting Manufacturing Costs Budgeting Variance Analysis

In standard costing, a predetermined price for direct materials used for establishing standard direct materials costs in order to provide a basis for comparison with the actual direct material prices paid.

Definitions

Unit Standard Production Cost

Unit Standard Production Cost Cost Accounting Manufacturing Efficiency Cost Control Standard Costs Overhead Allocation Direct Labor Costs Direct Material Costs

The unit standard production cost is the cost per unit of production, incorporating all standard overheads, direct labor, and direct materials, used to measure efficiency and control costs in manufacturing.