Standard Costs and Variance Analysis
How does variance analysis contribute to the strategic management process?
• Q2 What is a standard costing system, and how is it used?
• Q3 How are direct cost variances calculated?
• Q4 How is direct cost variance information analyzed and used?
• Q5 How are variable and fixed overhead variances calculated?
• Q6 How is overhead variance information analyzed and used?
• Q7 How are manufacturing cost variances closed?
• Q8 Which profit–related variances are commonly analyzed?
