Cost Accounting Chapter 8

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Denominator Level (Production-denominator level)

The denominator in the dugeted fixed oh rate computation.

Denominator-level Variance (Production-volume variance)

The difference between budgeted fixed oh and fixed oh allocated on the basis of actual output produced.

Fixed OH flexible-budget variance (spending variance)

The differencebetween actual fixed OH costs and flexible budget fixed OH costs.

Operating-income volume variance

The difference between static-budget operating income and the operating income based on budgeted profit/unit and actual units of output.

Standard Costing

Costing system that traces direct costs to output produced by (standard prices/rates x standard quantities of inputs allowed for actual outputs produced ) and allocated OH costs on the basis of the standard OH-cost x the standard quantities of the allocation bases allowed for actual outputs produced.

Total OH variance

Flexible-budget variance + production-volume variance.

Variable OH efficiency variance

Difference between the actual quantity of variable OH cost-allocation base used and budgeted quantity of variable OH cost-allocation base that should have been used to produce actual output x the budgeted variable OH cost/unit of cost-allocation base.

Variable OH flexible-budget variance

The difference between actual variable OH costs incurred and flexible-budget variable OH amounts.

Variable OH spending variance

The difference between actual variable OH cost/unit and budgeted variable OH cost/unit of the cost-allocation base x actual quantity of the variable OH cost-allocation base used for actual output.

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