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Calculating Standard Cost Variances Step-by-Step with Mike Werner, a Basic Example. Standard Costing
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Calculating Standard Cost Variances Step-by-Step
A Basic Example
Calculating standard cost variances can be a challenge for accounting students and business professional alike.
In this video, we use a tiny company that is easy to visualize. And, in a step-by-step fashion we calculate the 8 most popular standard cost variances. We calculate the Direct Material Price and Quantity (Usage, Efficiency) Variances, Direct Labor Rate (Price) and Efficiency Variances, Variable Manufacturing Overhead Spending (Price) and Efficiency Variances and Fixed Manufacturing Overhead Spending (Budget) and Production Volume Variances.
We also calculate the total standard cost (flexible budget) variance for each of the cost classifications.
As we go through the calculations, we include some coverage of what the variances mean to the company and its managers.
Please visit the Channel to see other step-by-step videos covering a range of accounting topics.
Thank you for tuning in!
Mike Werner
A Basic Example
Calculating standard cost variances can be a challenge for accounting students and business professional alike.
In this video, we use a tiny company that is easy to visualize. And, in a step-by-step fashion we calculate the 8 most popular standard cost variances. We calculate the Direct Material Price and Quantity (Usage, Efficiency) Variances, Direct Labor Rate (Price) and Efficiency Variances, Variable Manufacturing Overhead Spending (Price) and Efficiency Variances and Fixed Manufacturing Overhead Spending (Budget) and Production Volume Variances.
We also calculate the total standard cost (flexible budget) variance for each of the cost classifications.
As we go through the calculations, we include some coverage of what the variances mean to the company and its managers.
Please visit the Channel to see other step-by-step videos covering a range of accounting topics.
Thank you for tuning in!
Mike Werner
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