Cost Accounting - Reference Guides

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2 Jun 2015
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L e a r n r e f e r e n c e r e v i e w i n s t a n t l y permacharts. Classification: the process by which costs are obtained by using averages and assigning them to mass products which are identical, costs per unit are calculated as an average of the total cost. Actual costing: the process by which costs are assigned to a distinct unit, batch, or group of products or services, the product or service is usually unique. Actual cost = actual direct cost rate actual quantity. Actual cost = actual indirect cost rate actual quantity. Normal costing: may be calculated in two ways. Normal cost = actual direct cost rate actual quantity. Normal cost = budgeted indirect cost rate actual quantity. Standards (budgeted) costing: may be calculated in two ways. Standard cost = budgeted direct cost rate actual quantity. Standard cost = budgeted indirect cost rate actual quantity.

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