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1、Standard Costs and Operating Performance Measures,Standard Costs,Benchmarks formeasuring performance.,The expected levelof performance.,Based on carefullypredetermined amounts.,Used for planning labor, materialand overhead requirements.,Standard Costs are,Standard Costs,DirectMaterial,Managers focus
2、 on quantities and coststhat exceed standards, a practice known as management by exception.,Type of Product Cost,Amount,DirectLabor,ManufacturingOverhead,Standard,Accountants, engineers, personnel administrators, and production managers combine efforts to set standards based on experience and expect
3、ations.,Setting Standard Costs,Setting Standard Costs,Engineer,ManagerialAccountant,Setting Standard Costs,Practical standardsshould be set at levelsthat are currentlyattainable withreasonable andefficient effort.,Productionmanager,Setting Standard Costs,I agree. Ideal standards, that are based on p
4、erfection, areunattainable and discourage most employees.,HumanResourcesManager,Setting Direct Material Standards,QuantityStandards,Use product design specifications.,PriceStandards,Final, deliveredcost of materials,net of discounts.,Setting Direct Labor Standards,RateStandards,Use wage surveys andl
5、abor contracts.,TimeStandards,Use time and motion studies foreach labor operation.,RateStandards,The rate is the variable portion of the predetermined overhead rate.,ActivityStandards,The activity is the base used to calculate the predetermined overhead.,Standard Cost Card Variable Production Cost,A
6、 standard cost card for one unit of product might look like this:,Are standards the same as budgets?,A standard is the expected cost for one unit. A budget is the expected cost for all units.,Standards vs. Budgets,Product Cost,Standard,This variance is unfavorablebecause the actual costexceeds the s
7、tandard cost.,A standard cost variance is the amount by whichan actual cost differs from the standard cost.,Standard Cost Variances,Variance Analysis Cycle,Prepare standard cost performance report,Conduct next periods operations,Analyze variances,Identifyquestions,Receive explanations,Takecorrective
8、 actions,Begin,Standard Cost Variances,Standard Cost Variances,A General Model for Variance Analysis,Actual Quantity Actual Quantity Standard Quantity Actual Price Standard Price Standard Price,Price Variance,Quantity Variance,Standard price is the amount that should have been paid for the resources
9、 acquired.,Price Variance,Quantity Variance,Actual Quantity Actual Quantity Standard Quantity Actual Price Standard Price Standard Price,A General Model for Variance Analysis,Standard quantity is the quantity allowed for the actual good output.,A General Model for Variance Analysis,AQ(AP - SP) SP(AQ
10、 - SQ) AQ = Actual Quantity SP = Standard Price AP = Actual Price SQ = Standard Quantity,Price Variance,Quantity Variance,Actual Quantity Actual Quantity Standard Quantity Actual Price Standard Price Standard Price,Standard Costs,Lets use the general model to calculate standard cost variances, start
11、ing withdirect material.,Hanson Inc. has the following direct material standard to manufacture one Zippy: 1.5 pounds per Zippy at $4.00 per pound Last week 1,700 pounds of material were purchased and used to make 1,000 Zippies. The material cost a total of $6,630.,Material Variances Example,What is
12、the actual price per poundpaid for the material? a.$4.00 per pound. b.$4.10 per pound. c.$3.90 per pound. d.$6.63 per pound.,Material Variances,What is the actual price per poundpaid for the material? a.$4.00 per pound. b.$4.10 per pound. c.$3.90 per pound. d.$6.63 per pound.,AP = $6,630 1,700 lbs.A
13、P = $3.90 per lb.,Material Variances,Hansons material price variance (MPV)for the week was: a.$170 unfavorable. b.$170 favorable. c.$800 unfavorable. d.$800 favorable.,Material Variances,Hansons material price variance (MPV)for the week was: a.$170 unfavorable. b.$170 favorable. c.$800 unfavorable.
14、d.$800 favorable.,MPV = AQ(AP - SP) MPV = 1,700 lbs. ($3.90 - 4.00) MPV = $170 Favorable,Material Variances,The standard quantity of material thatshould have been used to produce1,000 Zippies is: a.1,700 pounds. b.1,500 pounds. c.2,550 pounds. d.2,000 pounds.,Material Variances,The standard quantity
15、 of material thatshould have been used to produce1,000 Zippies is: a.1,700 pounds. b.1,500 pounds. c.2,550 pounds. d.2,000 pounds.,SQ = 1,000 units 1.5 lbs per unit SQ = 1,500 lbs,Material Variances,Hansons material quantity variance (MQV)for the week was: a.$170 unfavorable. b.$170 favorable. c.$80
16、0 unfavorable. d.$800 favorable.,Material Variances,Hansons material quantity variance (MQV)for the week was: a.$170 unfavorable. b.$170 favorable. c.$800 unfavorable. d.$800 favorable.,MQV = SP(AQ - SQ) MQV = $4.00(1,700 lbs - 1,500 lbs) MQV = $800 unfavorable,Material Variances,1,700 lbs. 1,700 lbs. 1,500 lbs. $3.90 per lb. $4.00 per lb.
