In traditional costing system, the number of units of material, labor and overheads required to produce a single unit of product along with their respective costs was maintained in a card. This card is called as Standard Cost Card. The total cost of all the above listed items is the standard cost for one unit produced. The Standard Cost Card is used to compare standards with actual cost incurred and analyze the variances. These days this detail is not maintained in a card, rather it is maintained in computers. To Prepare: Standard Cost Card

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5QS

To determine

Concept Introduction:

In traditional costing system, the number of units of material, labor and overheads required to produce a single unit of product along with their respective costs was maintained in a card. This card is called as Standard Cost Card. The total cost of all the above listed items is the standard cost for one unit produced. The Standard Cost Card is used to compare standards with actual cost incurred and analyze the variances. These days this detail is not maintained in a card, rather it is maintained in computers.

To Prepare:

Standard Cost Card

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5QS

To determine

Concept Introduction:

In traditional costing system, the number of units of material, labor and overheads required to produce a single unit of product along with their respective costs was maintained in a card. This card is called as Standard Cost Card. The total cost of all the above listed items is the standard cost for one unit produced. The Standard Cost Card is used to compare standards with actual cost incurred and analyze the variances. These days this detail is not maintained in a card, rather it is maintained in computers.

To Prepare:

Standard Cost Card

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5QS

To determine

Concept Introduction:

In traditional costing system, the number of units of material, labor and overheads required to produce a single unit of product along with their respective costs was maintained in a card. This card is called as Standard Cost Card. The total cost of all the above listed items is the standard cost for one unit produced. The Standard Cost Card is used to compare standards with actual cost incurred and analyze the variances. These days this detail is not maintained in a card, rather it is maintained in computers.

To Prepare:

Standard Cost Card

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 23, Problem 5QS

To determine