Standard Costing and Labour Cost Variance

Authors

  • Ashwani Kumar Practising Cost Accountant, Hoshiarpur, Punjab

DOI:

https://doi.org/10.33516/maj.v54i10.65-73p

Keywords:

No Keywords.

Abstract

The article contains various methods of calculating labour variance which is used in standard costing to control cost of production . It is an attempt to find out the results readily (momentary) by filling the given values in the formulae given in the article. It will help the industry to find out the variance in an easy way and to apply to curtail the cost of production as for as possible. It will also be helpful for the cost accountants to write the cost audit report and to give their valuable suggestions to save the national assets and hence to control the cost of production. Instant comparison of efficient and inefficient units is possible from the point of view of labour and to take an appropriate remedial action as early as possible.

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Published

2019-10-31

How to Cite

Kumar, A. (2019). Standard Costing and Labour Cost Variance. The Management Accountant Journal, 54(10), 65–73. https://doi.org/10.33516/maj.v54i10.65-73p

Issue

Section

Cost Accounting

References

Rathnam's Costing Advisor by Sh. P. V. Rathanm.

Advanced Cost and Management Accounting Problems and Solutions by Sh. V K Saxena and Sh. C D Vashist.

Cost Audit and Management Audit by Sh. V K Sexena and Sh. C D Vashist.

Question papers from various ICWA and CIMA exams regarding standard costing and variance analysis.

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