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Thank you for providing the methods associated
with support-department costs. Let's take a look at
another costing system. Normal costing is used to
value manufactured products with the actual
materials costs, the actual direct labor costs, and
manufacturing overhead based on a predetermined
manufacturing overhead rate. These three costs are
referred to as product costs and are used for the cost
of goods sold and for inventory valuation. If there is
a difference between 1) the overhead costs assigned
or applied to products, and 2) the overhead costs
actually incurred, the difference is referred to as a
variance. If the amount of the variance is not
significant, it will usually be assigned to the cost of
goods sold.
What happens if the variance is significant?
Dr. Touhey

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