Difference between actual costing and normal costing

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Normal Costing:

Normal costing refers to a product costing system where actual direct material, actual direct labor and applied manufacturing overhead costs are added to work in process inventory.

Actual Costing:

Actuar costing system refers to a product costing system where actual direct material and actual direct labor and actual manufacturing overhead costs are added to work in process inventory.

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  4. Difference between Direct and Indirect Labor Cost
  5. Q. 1. What is Standard Costing? What are its features ? Discuss the essentials of an effective standard costing.

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