Beginner’s Guide to Standard Costing | Step-by-Step Tutorial (Part 1)
Автор: Debit & Credit with Mr. Bon
Загружено: 2026-02-17
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Hey everyone! 👋 In this video, we’re diving into the basics of Standard Costs.
We kicked things off by looking at the advantages of using a standard cost system, as well as its limitations. We also talked about the different types of standards, who uses them, and the idea of management by exception—a super important concept in cost control.
After that, we walked through how to set standard costs by solving a sample problem, focusing on how to compute the standard cost per unit.
Then came the big topic: Variance Analysis. We broke down direct materials variances—price variance and quantity variance—and used a clear template to make problem-solving easier. We also discussed what happens when the actual quantity purchased doesn’t match the actual quantity used.
Next, we tackled direct labor variances, explored the possible causes behind them, and identified who’s responsible for each type of variance.
Finally, we wrapped up with factory overhead variances, covering the 2-way, 3-way, and 4-way analysis methods.
By the end of this session, you should feel more confident in handling standard costing and variance analysis problems.
If you found this helpful, don’t forget to subscribe and hit the notification bell so you’ll be the first to know when new lessons drop! 🚀
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