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ma garrison C10 standard costs and variances
standard costs -setting the stage
quantity standards specify how much of an input should be used to make a product or provide a service
price standards specify how much should be paid for each unit of the input
the standard quantity per unit defines the amount of direct materials that should be used for each unit of finished product, including an allowance for normal inefficiencies, such as scrap and spoilage
the standard price per unit defines the price that should be paid for each unit of direct materials and it should reflect the final, delivered cost of those materials
the standard hours per unit defines the amount of direct labor-hours that should be used to produce one unit of finished goods
the standard rate per hour defines the company\'s expected direct labor wage rate per hour, including employment taxes and fringe benefits
a standard cost card shows the standard quantity and standard price of the inputs required to produce a unit of a specific product
the standard cost per unit for all three variable manufacturing costs is computed the same way
using standards in flexible budgets
multiply the budgeted price cost per unit with actual input get the flexible budget
a general model for standard cost variance analysis
a price variance is the difference between the actual amount paid for an input and the standard amount that should have been paid, multiplied by
the actual amount of the input purchased
a quantity variance is the difference between how much of an input was actually used and how much should have been used for the actual level of output and is stated in dollar term using the standard price of the input
distinguish responsibilities of specific employees
direct labor --- a material price/quantity variance
direct labor---- a labor rate/efficiency variance
manufacturing over head ---a variable overhead rate/efficiency variance
note: even the standard costs base on the actual output, cause the standard quantity represents how much amount should be used under actual output/ deviation caused by efficiency
spending variance-difference between actual output and flexible budget a-b
activity variance-xxxxxx between flexible budget and planning budget a-b
using standard costs-direct materials variances
standard quantity allowed = actual output * standard quantity per unit
the material price variance
a material price variance measures the difference between a direct material\'s actual price per unit and its standard price per unit, multiplied by actual quantity purchased
the materials quantity variance
measures the difference between the actual quantity of materials used in production and standard quantity of materials allowed for the actual output, multiplied by the standard price per unit of materials
materials price variance = AQ(AP -SP)
materials quantity variance = SP(AQ-SQ)
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