Show Menu
Cheatography

Inventory Costing Methods Cheat Sheet (DRAFT) by

Normal, Actual, Standard and Calculations

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Normal Costing

Actual direct Costs are assigned to jobs as incurred
Category
Normal Costing
MOH is applied using POR
DM
Actual Qty x Actual Cost
 
DL
Actual Qty x Actual Cost
 
MOH
Actual Qty Cost Driver x POR

Actual Costing

Actual direct costs are assigned to jobs as incurred
Category
Actual Costing
Actual MOH assigned when actual amounts are known
DM
Actual Qty x Actual Cost
 
DL
Actual Qty x Actual Cost
 
MOH
Actual OH Cost

Standard Costing

Standard direct costs are assigned to jobs as incurred
Category
Standard Costing
MOH assigned using standard POR
DM
Quantity x Price
 
DL
Quantity x Price
 
MOH
Standard DL Hours x POR