Analysis of Management Accounting Strategies: Coffeegreen and Galaxy

This report provides a detailed analysis of the management accounting practices of two companies, Coffeegreen and Galaxy, focusing on their financial data and decision-making processes. The report examines various planning tools like standard costs, budgets, and the balanced scorecard, evaluating their advantages and disadvantages. It includes calculations for contract costs, standard costs, and revenue maximization, along with a comprehensive monthly budget analysis for sales revenue, production volume, and resource costs. Furthermore, the report addresses cost variances and provides recommendations for improvement, including employee compensation and training. Finally, the report analyzes the PEST factors affecting the companies' operations.

TRAN DANG BAO TRAM _ 10190651 _ MA2.1

A. INTRODUCTION
Management accounting (MA) is a method of giving financial data and information to
managers for use in making decisions inside a company. A corporation may make the
best option to handle any problem by using MA methodologies and tools. This
research examines the strategies of two companies, Coffeegreen and Galaxy, in order
to assess their expenses, financial aspects, and accounting management procedures.

B. MAJOR FINDING
I. SCENARIO 1:
Question 1: Advantages and disadvantages of planning tools for Coffeegreen
a, Definition
 Standard costs: is an essentrial subtopic of cost accounting. Standard costs have
historically been connected with the expenses of raw materials, direct labor, and
manufacturing overhead in a manufacturing organization (Accounting Coach,
n.d.).
 Standard price: is the price per unit of input that has been precisely calculated
(Horngren, C.Datar.M. & Rajan.M., 2015).
 Budget: is a forecast of revenue and spending for a certain future period of time
that is generally prepared and updated on a regular basis. Budgets may be created
for an individual, a group of individuals, a company, a government (Investopedia,
2021).
 Balanced Scorecard: The BSC framework is built on a balance of leading and
lagging indicators, which may be thought of as the drivers and results of your
company's objectives, respectively. These important indicators, when utilized in
the Balanced Scorecard framework, tell you if you're on pace to meet your
objectives and if you're on track to meet future objectives (Jackson, n.d.)
b, The advantages and disadvantages of each planning tool
PLANNING TOOLS ADVANTAGES DISADVANTAGES
Standard cost  Improved cost control:
establishing standards for
each type of expense
incurred, then highlighting
exceptions or variances—
cases where things did not go
as planned.
 More useful data for
managerial planning and
 Contentious materiality
limits for variances: Each
organization's management
must establish different
material limits, which may
result in process conflicts or
problems.
 Non-reporting of some
variations: Employees may

decesion making: preparing
precise budgets and assessing
costs in order to bid on jobs.
 Costs of production could
be reduced: Employees may
become more cost conscious
as a result of standard costs,
and seek out better ways to
complete their tasks.
not disclose or seek to
mitigate unfavorable
expenditure exceptions in
order to conceal inefficiency
and reduce budgeting
effectiveness.
 Maybe low moral with some
employees: Low
performance often receives
more attention than high
performance because
management focuses on
unfavorable variances and
ignores favorable variances.
(course.lumenlearning.com, n.d.)
Standard price  Selecting the best vendors:
Choosing the most
appropriate suppliers based
on price and material quality.
 Adding more advantages:
Increasing last revenue by
lowering input costs is
possible.
 To set aside funds for risk:
Provide background
information and data on how
to build an emergency fund
by fixing prices. • The
entry cost can be easily
controlled by the company.
 It is a difficult situation to
deal with.
 It was necessary for the
company to have extensive
knowledge of the market and
industry.

(Blocher, Stout, Cokins, 2010)
Budgets  Increasing the likelihood of
meeting the goals and
objectives.
 Better communication
between the company's many
departments.
 By taking possible corrective
action, conflicts and problems
can be avoided.
 By tying individual goals to
employee motivation,
company can boost
productivity.
 Employees frequently strive
to meet budgets while staying
within them.
 Flexibility is reduced.
 Staffs may become
demotivated if budgets are
too difficult or easy to meet.
(febmat.com,2016)
The balanced score
card
 Make business strategy
more structured: Creating a
clear structure that will serve
as the benchmark against
which all employees will be
judged
 Facilitate communication
 Connect people to the
company's objectives: "Keep
an eye on the prize" that adds
advantages to the company.
 A lot of data is required:
Managers and team members
are required to report
information on a regular
basis, which is both tedious
and time consuming.
 Complication can occur:
There are a lot of resources
and case studies to read, and
there are a lot of different
ways to use this approach.
(Heartpace,2020)

Question 2:
24 tons = 24,000 kg ; 15 tons = 15,000 kg ; 4 tons = 4,000 kg
THE COST OF THE CONTRACT NO. 348
Coffee bean costs = $2/ kg * 1.4 kg = $2.8
Direct labour cost = $5 per hour * 0.6 labour cost = $3
Predetermined overhead rate = 100% * $3 = $3
Overhead cost per unit = $3
Allocated overhead in March = $3 * 24,000 = $72,000
Actual overhead for March 2021 = $70,000
Overallocated overhead accounted for
cost of goods sold
= $72,000 - $70,000 = $2,000
Number of goods sold = 24,000 kg – 4,000 kg = 20,000 kg
Cost of goods sold per unit = $2,000 / 20,000 kg = $0,1
 The cost of the contract no.348 = ($2.8 + $3 + $3 - $0.1) * 15,000 kg = $130,500
THE STANDARD COST FOR 1 KG OF COFFEE
Coffe bean costs = $2/ kg * 1.4 kg = $2.8
Direct labour costs = $5 per hour * 0.6 labour cost = $3
Predetermined over rate = 100% * $3 = $3
Overhead cost per unit = $3

 The standard cost for 1 kg of coffee = $2.8 + $3 + $3 = $8.8
THE SELLING PRICE THAT HELPS COFFEEGREEN LTD. MAXIMIZE ITS REVENUE IN
2021
Quantity demanded (kg) Selling price ($) Revenue ($) = Quantity demanded * Selling price
300,000 10 = $ 3,000,000
280,000 11 = $ 3,080,000
250,000 12 = $ 3,000,000
240,000 13 = $ 3,120,000
200,000 14 = $ 2,800,000
 The selling price that helps Coffeegreen ltd. maximize its revenue at in 2021 is $ 13
Question 3:
The monthly sales volume in the high season (from November to April) is 150% the
monthly sales volume of the low season (from May to October)
The budget sales volume in a month of the low season is called: X
The budget sales volume in a month of the high season is called: 150% x X = 1.5X
From the given information, 6 moths of the high season are recorded from November to
April and 6 months in the low season from May to October
The total budgeted sale: 6 x X + 6 x 150% x X = 240,000
 X = 16,000
 The budget sales volume in a month of the low season: X = 16,000 units
 The budget sales volume in a month of the high season: 150% x X = 24,000 units
Relating to the available date, the budgets per month of Ricegreen are determined by
formulas below:
Sale revenue = Sale volume x $13

Production volume = Sale volume (next month) x 40% + Sale volume (current month) x
60%
Production resource
Raw materials = Production volume x $2.8
Labor = Production volume x $3
Variable overheads = production volume x $3
THE MONTHLY BUDGETS FOR SALES REVENUE, PRODUCTION VOLUME,
PRODUCTION RESOURCES
Budgets Sale
volume
Sale revenue Production
volume
Material
cost
Labor cost Overheads
January 24,000 13 x 24,000 =
312,000
60% x 24,000 +
40% x 24,000 =
24,000
24,000 x 2,8
= 67,200
24,000 x 3
= 72,000
24,000 x 3 =
72,000
Febuary 24,000 13 x 24,000 =
312,000
60% x 24,000 +
40% x 24,000 =
24,000
24,000 x 2,8
= 67,200
24,000 x 3
= 72,000
24,000 x 3 =
72,000
March 24,000 13 x 24,000 =
312,000
60% x 24,000 +
40% x 24,000 =
24,000
24,000 x 2,8
= 67,200
24,000 x 3
= 72,000
24,000 x 3 =
72,000
April 24,000 13 x 24,000 =
312,000
60% x 24.000 +
40% x 16.000 =
20,800
20,800 x 2,8
= 58,240
20,800 x 3
= 62,400
20,800 x 3 =
62,400
May 16,000 13 x 16,000 =
208,000
60% x 16,000 +
40% x 16,000 =
16,000
16,000 x 2,8
= 44,800
16,000 x 3
= 48,000
16,000 x 3 =
48,000
June 16,000 13 x 16,000 =
208,000
60% x 16,000 +
40% x 16,000 =
16,000
16,000 x 2,8
= 44,800
16,000 x 3
= 48,000
16,000 x 3 =
48,000
July 16,000 13 x 16,000 = 60% x 16,000 + 16,000 x 2,8 16,000 x 3 16,000 x 3 =

208,000 40% x 16,000 =
16,000
= 44,800 = 48,000 48,000
August 16,000 13 x 16,000 =
208,000
60% x 16,000 +
40% x 16,000 =
16,000
16,000 x 2,8
= 44,800
16,000 x 3
= 48,000
16,000 x 3 =
48,000
September 16,000 13 x 16,000 =
208,000
60% x 16,000 +
40% x 16,000 =
16,000
16,000 x 2,8
= 44,800
16,000 x 3
= 48,000
16,000 x 3 =
48,000
October 16,000 13 x 16,000 =
208,000
60% x 16,000 +
40% x 24,000 =
19,200
19,200 x 2,8
= 53,760
19,200 x 3
= 57,600
19,200 x 3 =
57,600
November 24,000 13 x 24,000 =
312,000
60% x 24,000 +
40% x 24,000 =
24,000
24,000 x 2,8
= 67,200
24,000 x 3
= 72,000
24,000 x 3 =
72,000
December 24,000 13 x 24,000 =
312,000
60% x 24,000 +
40% x 24,000 =
24,000
24,000 x 2,8
= 67,200
24,000 x 3
= 72,000
24,000 x 3 =
72,000
Total 240,000 3,120,000 240,000 672,000 720,000 720,000
Question 4:
Actual Budget Variance
Purchasing price of paddy per kg $ 2.3 $ 2.8 $ 0.5
Labour hours per unit 0.75 0.6 0.15
Based on the addition of new actual price, the cost of 1 kg of coffee is the sum of
production costs:
Purchasing price of coffee bean = $ 2.3 / kg
Labour hours per unit = 0.75 labour hours / kg
 Direct material cost = $2.3 * 1.4 = $3.22
Direct labour cost = $5 * 0.75 = $3.74

Predetermined overhead cost = $3.74 * 100% = $3.74
 1 kg of coffee costs = $3.22 + $3.74 + $3.74 = $10.7
The issue at Coffeegreen ltd. is that there has been an increase in the purchase of coffee
bean materials and working hours, which has resulted in a decrease in the efficiency of
the processing workers.
 Recommendation:
Firstly, the company should provide the compensation scheme to the employees to
encourage their work morale. In addition, the company needs to supplement training
sessions for employees so that they understand the working process as well as understand
their duties. Besides, they must also constantly updating the standard pricing in order for
the company to come up with a suitable strategy.
The use of a standard price can assist Coffeegreen's manager in comparing the new price
to the standard price; the variance is the difference between the standard and actual price.
Since the standard price is determined by comparing previous economic transactions, the
variation should be kept to a minimum. A high level of variance can have a detrimental
influence on a company's performance. Using standard costing, the Coffeegreen's
management accounting assist the directors by keeping them up to date on how a change
in production costs might put the firm at risk. If the standard cost is too low compared to
the actual cost, Cofeegreen will suffer from inefficiency and loss. The results of the
standard cost analysis require management to go over the whole business and instruct
employees to use better practices. The firm can totally comprehend its performance with
a budget, and the BSC assists in providing the firm's whole qualities.
Question 5:
a, PEST
Factors Characteristics

Political
- Vietnam is a one-party state led by the Communist Party of
Vietnam (CPV) (CIPD, 2020). Vietnam's politics are stable
under this system, with little risks of internal strife  The
economic environment is well worth the investment.
- Vietnam's Decree 134/2016/ND-CP encourages export
activity. In 2019, Vietnam ratified the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership
(CPTPP), and the EU-Vietnam Free Trade Agreement
(EVFTA) was recently signed.
Open up many opportunities for importing, exporting and
trading
Econmic
 GDP: Coffee is an important commodity, accounting for
3% of Vietnam's GDP, export turnover for many years has
reached over 3 billion USD. In recent years, although the
world economy had many difficult times leading to a
decrease in purchasing power, our country still maintained
an encouraging growth rate of coffee exports - reaching
8.2%. /year with an average turnover of 3.13 billion
USD/year in the period 2011-2018, accounting for 15% of
the country's total agricultural exports  Vietnam has a
potential to overtake Brazil as the world's largest coffee
exporte (My Hang, 2020).
Social  Labor force: According to the World Bank (2020),
Vietnam's population is around 97.33 million people, up
0.91 percent from the previous year, with 50.08 percent of
women and 49.92 percent of men. It has the potential to
raise client demand for goods and services. In addition,
Vietnam has a large and steady work force, with 76.7
percent of the population employed. However, Vietnam

continues to face challenges in terms of human resource
quality, meanwhile, not only is there a shortage of
qualified workers, but the percentage of trained workers is
also relatively low. Despite the fact that Vietnam's labor
supply is large, firms will face challenges in attracting
individuals for high-level roles since they lack crucial
skills such as conduct, technique, and language (Le,
2018).
 Consumer’s habit: 80% of Vietnamese people stick to
coffee regularly in daily life, and the percentage of people
who have a strong passion for coffee is not small. The
coffee culture of Vietnamese people is also very diverse,
and each person's coffee drinking habits are not the same
(Vina Roaster, n.d.).
Technological
After harvesting and cleaning, the villagers roast their coffee
using a modern rocking machine. With this method, the
barista will take advantage of the mechanical techniques to
adjust the roasting time, the coffee beans are also cooked
more evenly. With the principle of operation for coffee into
large capacity vessels, proceed to create a vacuum
environment to make the coffee beans when roasted will be
evenly cooked (Icaphe.vn, n.d.)
b, SWOT
STRENGTH WEAKNESS
- Stable policitcs
- Using different planning tools
- A detailed monthly report was prepared
- High technology from German in
- Import quotas and taxation
- The ability to manage the standard is
restricted (costincurred)

producing coffee
OPPORTUNITY THREATS
- Coffeegreen receives government
backing. Vietnam supports the CPTPP
and the opportunity for Coffeegreen to
export coffee .
- The abundant and stable labor
force.
- The labour force is plentiful and steady
- Vietnam draws a large number of both
domestic and international investors
- The abundant and stable labor force
- Compete with other businesses in the
industry
- Workers still lack the necessary basic
skills
- An increase in the number of new
foreign firms and goods entering the
market (due to the CPTPP and
EVFTA)
c, Balanced Scorecard
Objectives Measures Target
in 2020 Actual result Initiatives
Finance
perspective
Increase
profit
Profit
increase from
price $ 9,000 $ 7,500
The company did not finish the
job well in terms of profit from
price and sales volume, only
reaching about 80% of the
target. In order to make more
accurate decisions, the company
should look back and identify
the financial issues.
Profit
increase from
sales volume
$ 8,000 $ 6,000
Customer
perspective
Increase
market
share
Market share 10 % 8%
Because the company's market
share has decreased by 2%, it is
possible that the company is
failing to meet the needs of its
customers. As a result,

Coffeegreen may require
someone to conduct research
and come up with many ideas
for the development. This will
assist the company in
determining whether or not
Coffeegreen should change the
shape, quality, price, or other
aspects of the product to
increase market share.
Internal
process
Improve
product
quality Quality index 99
points 96 points
The variance is unfavorable in
terms of improving product
quality because the quality
index fell slightly by 3 points
compared to the target actual. In
contrast, it is extremely
commendable of the company
to protect the environment in a
positive way.
Inventory
time Inventory
time 25 days 40 days
Doubtful
debts
Doubtful
debts
percentage
5 % 6 %
Environme
ntal
performan
ce
Recycle
revenue $1,000 $1,300
Learning
and growth
R&D
expenditur
es
R&D
expenditures
as % of
operating
costs
4 % 4.5 % The company should add more
machines and high technology
to serve production as well as
regularly open short-term
training programs for them to

understand the working process
as well as their duties.
Social
performan
ce
Women and
minorities in
workforce
3% 3.5%
Thanks to balanced scorecard, Coffeegreen can use it to identify issues that affect their
business across many aspects of performance, allowing them to control and monitor the
company's development goals.
II. SCENARIO 2
Question 1:
Coffeegreen Ltd. Company
( large coffee processor company )
Galaxy Ltd. Company
( Vietnamese hospitslity company )
Objectives Since Vietnam's accession to the CPTPP and
EVFTA, the company has been working hard
to maximize its export potential.
- Providing high quality services
- Maitaining the yearly market share at 1%
Financial
problems
- Ignore the possibility of exporting
- Interruptions in supply
- Variation in price
- Ownership capital is reduced.
- Sales are becoming more difficult and
slower.
- Analytical reports have not been made
clear
- Number of rooms not yet filled
Responding
to financial
problems
- New product categories and sales patterns
are being introduced  Foreign clients will be
more satisfied.
- Increasing focus on purchasing, inventories,
receivables, and product quality  Ensure
profitability and liquidity through lowering
- Pay closer attention to client
characteristics, expenses, income, and risks.
- Only strict budget items were used to
make expenditures.
- Making improvements to the information
system  Receive and process client orders

operational expenses.
- Establishing and maintaining quality
requirements for coffee products and acquired
raw materials  Quality expenses should be
reduced and quality expenses should be kept
under control.
- Making long-term agreements with farmers
 Purchases under your control
and complaints faster, and track the
progress of each order more easily.
- Creating a set of typical behaviors for
employees and providing them with
training
- Before signing a hospitality contract,
employees are asked to enter risk
assessments and learn how to communicate
to attract guests
- The Director attentively considers client
feedback.
Management
accounting
system
- Monthly report:
 Management accountants were expected to
set standard costs for raw materials, labor,
and manufacturing overheads, as well as
monthly operating budgets based on the
standard costs, as well as a monthly report
that included variation analysis for cost
items, revenue, and inventory time 
Assist the Director in identifying and
resolving issues in a timely manner.
 Credit accountants were required to
prepare a monthly report on clients' ages.
 Annual report: Productivity and product
quality reports are published every year
( unprovided )
- Creating quarterly revenue and expense
reports for each type of hospitality service
 Support the Director's decisions to
expand or reduce certain services
- Galaxy accountants are required to
prepare the annual report and analysis on
the room occupancy rate of Galaxy
( unprovided )
Strategic
performance
management
The Balanced Scorecard (strategy monitoring) The Porter’s five forces ( positions analysis
and coping measures specification)

From 2 scenarios of Coffeegreen and Galaxy, an effective management accountants
should own these following characteristics: Observation, analysis and synthesis skills
Accounting work, such as document collection, entry and report preparation, and
money collection, must always come into contact with numbers. These aspects
necessitate an accountant's ability to monitor the actual situation, assess what is
occurring, and analyze and synthesize the information in a fast and precise
manner. Therefore, the accountant must be in good physical and mental health to
prevent unworthy confusion. IT skills
This is a prerequisite for all professions, not just accounting. An accountant, in
particular, must be proficient in Excel for calculating metrics, Power Point for
making presentations, and Word for reporting and periodic data. Carefulness and honesty
Because the task will constantly be related with data, notebooks, and financial
records, it is critical to be cautious and organize everything properly as an
accountant. In order to advance in this field, employees must be completely
honest. Communication skills
Communication is a connection that allows employees to become closer to one
another, particularly their superiors and colleagues, and so learn more from them. Work under pressure
In order to minimize mistakes and produce good job outcomes, accountants must
have a steel spirit, or the capacity to operate under intense pressure. Time management skills
Staff will be able to accomplish more work and be more productive if the job is
organized properly.
Question 2: How Coffeegreen and Galaxy take action on financial problems,
management accounting which can help these companies achieve sustainable success
a. Coffeegreen Ltd. Company

One of Coffeegreen's key concerns is the competitiveness in the credit-selling
market. As a result, Coffeegreen has extended its product procurement, inventory,
and quality control to reduce costs while maintaining profitability and liquidity. To
deal with the challenge, the organization has implemented several financial
management systems. As a result, Coffeegreen solutions provide better cost
management, cost reduction, and the avoidance of bad debt, so reducing risk.
Furthermore, quality standards are followed to ensure that Coffeegreen goods are
of high quality. Furthermore, because Coffeegreen signed long-term purchase
agreements with farmers, the goods have sufficient quantity and good quality to
please clients, ensuring long-term success.
b. Galaxy Ltd. Company
Due to the constraints of the budget, expenditures at Galaxy Corporation have
increased. Expense and revenue reports are made, as a result, Decisions are taken
on service route extension and decrease. Furthermore, the information system has
been enhanced to allow for faster receipt and processing of client orders and
complaints, as well as easy tracking of order fulfillment. Most notably, it is
concerned with customer engagement since it has set standard behaviors for
workers to learn in order to improve the customer experience. As a consequence,
customers may expect Galaxy to be more sustainable in the future.
Question 3: How accounting planning tools take action accurately to solve financial
problems to help Coffeegreen and Galaxy achieve sustainable success
Despite their shortcomings, Coffeegreen and Galaxy's management accounting
systems can help them achieve long-term success. First and foremost, these
systems can detect the two organizations' financial concerns. Coffeereen, in
particular, has problems controlling credit sales while Galaxy's problem is that not
many customers come to the hotel. Companies must understand their strengths and
shortcomings in order to achieve long-term success. As a result, recognizing their
own restrictions aids the two organizations in finding appropriate financial
solutions.
As a coffee processing firm, Coffeegreen focuses on accounts receivable management
and quality control. Financial performance will be poor if there are too many receivables,

which cannot be prevented while offering credit. As a result, Coffeegreen must closely
monitor credit sales. According Shivam, inventory time control is critical in the
management accounting system since the quality of the items will be checked before they
reach customers, resulting in increased consumer loyalty. As a result, Coffeegreen
selected planning tools that were appropriate for the scenario and assisted the
organization in resolving issues. Galaxy, on the other hand, has exceptional internal and
external macroeconomic indicators, but the firm has yet to meet its budget. That is why
Galaxy has to improve its management structure and implement better budgeting. Galaxy
may also boost company performance by adopting corporate performance.
C. CONCLUSION
Finally, both Coffeegreen and Glaxy are fantastic examples of how to use the correct
planning tools to create long-term success in business. As a result, all businesses in the
same industry should strive for and maintain superior performance.

REFERENCES
1. CIPD. 2020. PESTLE Analysis | Factsheets | CIPD. [online] Available at:
<https://www.cipd.co.uk/knowledge/strategy/organisational-development/pestle-
analysis-factsheet#gref> [Accessed 26 May 2021].

2. Data.worldbank.org. 2020. Population, female (% of total population) - Vietnam |
Data. [online] Available at:
<https://data.worldbank.org/indicator/SP.POP.TOTL.FE.ZS?locations=VN>
[Accessed 26 May 2021].
3. Data.worldbank.org. n.d. Population, total - Vietnam | Data. [online] Available at:
<https://data.worldbank.org/indicator/SP.POP.TOTL?locations=VN> [Accessed
26 May 2021].
4. Data.worldbank.org. 2020. Labor force, total - Vietnam | Data. [online] Available
at: <https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=VN>
[Accessed 26 May 2021].
5. Data.worldbank.org. 2020. Population, male - Vietnam | Data. [online] Available
at: <https://data.worldbank.org/indicator/SP.POP.TOTL.MA.IN?locations=VN>
[Accessed 26 May 2021].
6. Vina roaster. n.d. Những thói quen uống cà phê của người Việt. [online] Available
at: <https://vinaroaster.vn/nhung-thoi-quen-uong-ca-phe-cua-nguoi-viet-58-
27.html> [Accessed 26 May 2021].
7. Hang, M., 2020. Thực trạng và giải pháp phát triển cho ngành Cà phê Việt Nam.
[online] Tạp chí Công Thương. Available at: <https://tapchicongthuong.vn/bai-
viet/thuc-trang-va-giai-phap-phat-trien-cho-nganh-ca-phe-viet-nam-72337.htm>
[Accessed 26 May 2021].
8. Cà Phê Nguyên Chất - Cà Phê Rang Xay - Cà Phê Sạch. n.d. Quy Trình Sản Xuất
Cà Phê Gồm Những Bước Nào, Ra Sao. [online] Available at:
<https://icaphe.vn/quy-trinh-san-xuat-ca-phe/> [Accessed 26 May 2021].
9. Investopedia. 2021. Budget. [online] Available at:
<https://www.investopedia.com/terms/b/budget.asp> [Accessed 26 May 2021].
10. Bragg, S., n.d. Standard costing definition — AccountingTools. [online]
AccountingTools. Available at:
<https://www.accountingtools.com/articles/2017/5/14/standard-costing>
[Accessed 26 May 2021].
11. Horngren, C., Datar, S. and Rajan, M., 2015. Cost Accounting: A Managerial
Emphasis. 15th ed.