Standard Costing – Student edition | Other Teaching & Academics Online Course by Udemy

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Variance analysis and reconciliation statements

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Standard Costing – Student edition

This course comprises 4 1/2 hours of teaching on Standard cost variances, the reconciliation of statements and ledger accounts. There are 6 videos in total of approximately 45 minutes each. Video 1 – Standard costing overview. This video will teach you the fundamentals of Standard costing in a logical manner that will give you understanding and context to the subject. Video 2 – Material variances. Here you will learn how to calculate all the relevant material variances and how to reconcile Budget cost to Actual cost. Video 3 – Labour and Variable cost variances. As per Material – variances plus reconciliation. Video 4 – Fixed cost variances. You will learn the difference between variable and absorption costing systems, the variances for each one and the reconciliation of Budget to Actual. Video 5 – Sales variances are analysed by value and by profit plus the reconciliation of Budget profit to Standard profit to Actual profitVideo 6 – Tutorial questions. In this session I will teach you how to read a question and how to answer a Standard costing question.

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