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Standard Costing (Topic Outline)

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Read our Explanation (6 Parts) Free

Our Explanation of Standard Costing uses an easy-to-relate to example for illustrating a manufacturer's standard costs and variances. Also provided is a chart which indicates each variance, what it tells you, and where the variance will end up.

Part 1Introduction to Standard Costing, Sample Standards Table, Direct Materials Purchased: Standard Cost and Price Variance
Part 2Direct Materials Usage Variance
Part 3Direct Labor: Standard Cost, Rate Variance, Efficiency Variance
Part 4Variable Manufacturing Overhead: Standard Cost, Spending Variance, Efficiency Variance
Part 5Fixed Manufacturing Overhead: Standard Cost, Budget Variance, Volume Variance
Part 6Relationship Between Variances, What To Do With Variance Amounts
Take our Practice Quiz Free

This 20-question quiz is a fast way to assess your understanding of the Standard Costing Explanation. It's also a great warmup for our Quick Tests.

Review our Q&A Free

We've answered 48 popular questions related to the topic Standard Costing. Review them all or use the search box found at the top of each page of our website for your specific questions.

Solve our Word Scramble Free

If you find Standard Costing terminology difficult, this Word Scramble will provide clues (scrambled answers) to assist you.

Solve our Crossword Puzzle #1 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Standard Costing in a more fun format.

Solve our Crossword Puzzle #2 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Standard Costing in a more fun format.

Read our Guide to Managerial & Cost Accounting

Our Guide to Managerial & Cost Accounting contains highlights for 30 different topics. This is a helpful, relevant, and easy-to-read study resource as it reflects the AccountingCoach's many years of teaching and business consulting.

Review our Sample Business Forms

Our business forms include five forms to assist with standard costing and the related variances for materials, labor, and manufacturing overhead. All of our business forms contain an Excel template, a blank PDF form, and a filled-in PDF form.

Take our Quick Test #1

This graded 40-question test is the best way to test your understanding of the topic Standard Costing. Our quick tests will help you discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

Take our Quick Test #2

This graded 35-question test is the best way to test your understanding of the topic Standard Costing. Our quick tests will help you discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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