Course: Budget Forecasting, Costing, and Variances

Let’s start by having a look at the direct material standard costs that we’re going to use for our example. Budget data Direct materials: 1 metre @ £5 per metre …

Can you accurately predict future costs by looking at previous costs? Or future sales by examining past sales? The next few steps build on what you learned on costing behaviour …

In the real world, even fixed costs can change during a year if a supplier puts up their prices. Likewise, the cost per unit of variable costs might also change. …

It’s all very well being able to recognise the different types of costs by looking at a graph – but how do you identify them in real life, just from …

Let’s look at a couple of examples to show the difference between fixed, flexible and flexed budgets. In the video the following table is shown:   Budget Actual Sales volume …

Most of us will have a weekly budget for food shopping, even if we keep it in our head rather than writing it down. But what happens if a relative …