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do we need to have an understanding of planning and operational variance & also about yield and mix variance and judge what they mean when looking into questions for p3
You need to know basic standard costing but
Only to the extent that you might have to comment
On variances as part of a report etc.
So far, only basic variances have come up and not
as complex as in F5.You need to know only Basic Variance but not their formulas but rather their concept grasp like cheap material purchased now material price variance will be favourable but due to this material usage variance will be adverse due to sub standard material purchase.
So prepare like this way..
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