By the end of this session you should be able to:
- Explain why planned standard costs, prices and volumes are useful
- Calculate variances for materials, labour, variable overheads, sales prices and sales volumes
- Prepare a statement that reconciles budgeted profit with actual profit calculated using marginal costing
- Explain why variances could have arisen and the inter-relationships between variances.
and answer questions relating to these areas.
Previous LessonNext Lesson