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Chapter20Standardcosting

A standard hour is the amount of work achievable, at standard efficiency levels in an hour.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Which method of inventory valuation is being described?Characteristic FIFO LIFO AVCOPotentially out of date valuation on issues. The valuation of inventory rarely reflects the actualpurchase price of the material. Potentially out of date closing inventory valuation. This inventory valuation method is particularly suitedto inventory that consist of liquid materials e.g. oil. This inventory valuation method is particularly suitedto inventory that has a short shelf life e.g. dairy products. This inventory valuation method is suited to a wheat farmerwho has large silos of grain. Grain is added to and taken fromthe top of these silos. In times of rising prices this method will give higher profits. In times of rising prices this method will give lower profits. In times of rising prices this method gives a middle level ofprofits compared to the other two. Issues are valued at the most recent purchase cost. Inventory is valued at the average of the cost of purchases. Inventory is valued at the most recent purchase cost.
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