AN ASSESSMENT OF STANDARD COSTING VERSUS ACTUAL COSTING METHODS IN BUILDING MATERIAL PURCHASE
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Abstract: AN ASSESSMENT OF STANDARD COSTING VERSUS ACTUAL COSTING METHODS IN BUILDING MATERIAL PURCHASE
This study assesses the effectiveness of standard costing versus actual costing methods in building material purchases in Ogun. The objectives are to compare the accuracy and reliability of both costing methods, evaluate their impact on cost control, and identify the challenges faced. A survey design was employed, with data collected from 200 procurement managers and accountants, derived using Taro Yamane's formula. A case study of a construction company in Ogun provided detailed insights. The reliability coefficient score was 0.84. Findings indicate that while standard costing provides a useful benchmark, actual costing offers more accuracy and reliability for cost control. However, challenges such as data collection difficulties and compliance issues were noted. Recommendations include providing more training on costing methods, simplifying data collection processes, and integrating both costing methods for better cost management
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