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How do you calculate standard costs?
Solution
Standard costs are the expected costs of manufacturing the product.
Standard Direct Labor Costs = Expected wage rate X Expected
number of hours
==============================================
Standard Direct Materials cost = Expected cost of raw materials X
Expected number of units of raw material.
==============================================
Standard overhead costs = Expected fixed OH + Expected Variable
Overhead X Expected number of units to be produced.
.
Standard unit cost is a cost and managerial accounting concept. It is used for determining
variance accounting. The standard unit cost is the amount a company should pay for each uni,
and it is the company's estimated amount. During the year, unit prices tend to fluctuate, and the
company will either pay more or less than they should have paid. The standard cost is compared
to the actual costs to determine variances.
How do you calculate standard costs-SolutionStandard costs are the exp.docx

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How do you calculate standard costs-SolutionStandard costs are the exp.docx

  • 1. How do you calculate standard costs? Solution Standard costs are the expected costs of manufacturing the product. Standard Direct Labor Costs = Expected wage rate X Expected number of hours ============================================== Standard Direct Materials cost = Expected cost of raw materials X Expected number of units of raw material. ============================================== Standard overhead costs = Expected fixed OH + Expected Variable Overhead X Expected number of units to be produced. . Standard unit cost is a cost and managerial accounting concept. It is used for determining variance accounting. The standard unit cost is the amount a company should pay for each uni, and it is the company's estimated amount. During the year, unit prices tend to fluctuate, and the company will either pay more or less than they should have paid. The standard cost is compared to the actual costs to determine variances.