Standard Costing Calculation Examples, Concept, Illustrations, Sample Help Online
Looking for Standard Costing Calculation Examples, Concepts, Illustrations and calculation help to do your assignments, homework or project then you are at the correct place.
Meaning of Standard Cost
Standard costs are estimated or budgeted cost of producing a good or service under normal conditions. It is used as a basis for comparison with actual costs. Standard cost is developed from time to time so that cost control is maintained. There are various costs like direct labor cost, direct material cost and overhead cost that are incurred while producing a product. To calculate the standard cost of direct materials we need to multiply the standard price of direct materials by the standard quantity of direct material which results in Direct Material Standard Cost.
Services We Offer
Services Provided for Accounting
Accounting always put student on worries and stress. But with Assignment Consultancy for your help, you can remove all your worries by going through our various services:-
- Financial Accounting Homework Help
- Accounting Assignment Help Online
- Financial Accounting Assignment Help
- Managerial Accounting Homework Help
- Do my accounting Homework
- Accounting Case Study Assignment Help
- Finance accounting case studies assignment help
- Taxation homework help
- US tax codes homework help
- Advance Accounting homework help
- Cost Management Homework Help
- Australian Taxation Assignment help
- Ratio analysis assignment help
- Accountancy online exam help
- Accounts online exam help
Features for Accounting Assignment Help Services
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.
Best Customer Service
Our customer representatives are working 24X7 to assist you in all your assignment needs. You can drop a mail to firstname.lastname@example.org or chat with our representative using live chat shown in bottom right corner.
Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.
All our works are kept as confidential as we respect the integrity and privacy of our clients.
Most of our clients are from UK, USA, Australia, Canada , UAE, New Zealand, Doha, Qatar, Muscat, Netherlands, France, Italy, Great Britain, Singapore, Malaysia looking for quality and accurate solutions.
Yash Batra, Student , UK University
“Great Experts to provide real time Accounts help services. They are just best in their approach”
Reham Fayad, Student MBA, USA
“They have some of the best USA experts to provide Accounts help online and also help me in my online exams.”
Graham Golith, Lancashire University, UK
“Best place to get all help in Accounts Essay and Exams. Will definitely recommend to all”
Standard Costing Calculation Examples Explanation
Let’s understand the whole concept with help of an example.
Example: Direct Labor-2009
AVg. Labor Hours= 1,960 hours per employee
Avg. Hourly Wage – $10
Number of employees = 47
Total Costs= $92,120
Avg. Market Price= $20
Total Cost= $400,000
Fixed Salary per Manager= $80,000
Number of Managers= 5
Number of Machine hours= 1,000
Hourly Machine rate= $2
Assume that the overall demand for the product will increase by 5% and the price and number of units needed will increase by the same amount and number of employees needed increases by 8. Therefore, standard cost is calculated as follows
Direct Labor= 1,960 hrs.* $10/hr* 55 employees= $1,078,000
Direct Material = $21 mkt price* 21,000 units= $441,000
Overhead= ($80,000* 6) + (1,000 hrs.* $2/hr* 6) = $492,000
Total Standard Cost= $2,011,000 cost for the year
If you are looking for similar Standard Costing Calculation Examples type assignment, click here . You can visit us for more examples here.