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Managerial Accounting: The Corners...
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Managerial Accounting: The Corners...
Discuss the differences among actual costing, normal costing, and standard costing.
Differentiate between standard, actual and normal costing.
Standard Costing:
Standard costing is an accounting tool which is used to measure the variances in the cost. In standard costing, various factors of production are substituted with estimated costs for planning and decision making purposes.
Actual costing:
Actual costing is based on the actual cost of direct materials, direct labor and overhead. This costing is not often used because the cost of overhead can only be calculated after the completion of a job.
Normal costing:
In normal costing, overhead is estimated while actual amounts of direct materials and direct labor are taken into consideration.
Difference between actual, normal and standard costing:
| Basis | Actual Costing | Normal Costing | Standard Costing |
| Methodology |
Actual costing uses only actual cost of direct materials, direct labor and overheads. |
Normal costing uses actual cost of direct materials and direct labor but estimated cost for overhead... |
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