What is Production Volume Variance?
Production volume variance is a measure of the difference between the actual cost of producing a certain number of units of output and the budgeted cost of producing that output. It is a type of overhead variance, which is a variance that arises from the difference between the actual cost of overhead and the budgeted […]
What Are Joint Products and By-Products?
In cost accounting, joint products and by-products are two types of products that are produced from the same manufacturing process. Joint Products Joint products are two or more products that are produced simultaneously from a common input or process, each having a significant relative sale value. They are also known as co-products or primary products. […]