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1、Standard Costs and Operating Performance Measures,Standard Costs,Benchmarks for measuring performance.,The expected level of performance.,Based on carefully predetermined amounts.,Used for planning labor, material and overhead requirements.,Standard Costs are,Standard Costs,Direct Material,Managers
2、focus on quantities and costs that exceed standards, a practice known as management by exception.,Type of Product Cost,Amount,Direct Labor,Manufacturing Overhead,Standard,Accountants, engineers, personnel administrators, and production managers combine efforts to set standards based on experience an
3、d expectations.,Setting Standard Costs,Setting Standard Costs,Engineer,Managerial Accountant,Setting Standard Costs,Practical standards should be set at levels that are currently attainable with reasonable and efficient effort.,Production manager,Setting Standard Costs,I agree. Ideal standards, that
4、 are based on perfection, are unattainable and discourage most employees.,Human Resources Manager,Setting Direct Material Standards,Quantity Standards,Use product design specifications.,Price Standards,Final, delivered cost of materials, net of discounts.,Setting Direct Labor Standards,Rate Standard
5、s,Use wage surveys and labor contracts.,Time Standards,Use time and motion studies for each labor operation.,Setting Variable Overhead Standards,Rate Standards,The rate is the variable portion of the predetermined overhead rate.,Activity Standards,The activity is the base used to calculate the prede
6、termined overhead.,Standard Cost Card Variable Production Cost,A 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,Standard Cost Variance
7、s,Product Cost,Standard,This variance is unfavorable because the actual cost exceeds the standard cost.,A standard cost variance is the amount by which an actual cost differs from the standard cost.,Standard Cost Variances,Variance Analysis Cycle,Prepare standard cost performance report,Conduct next
8、 periods operations,Analyze variances,Identify questions,Receive explanations,Take corrective 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 Varianc
9、e,Quantity Variance,Standard price is the amount that should have been paid for the resources 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 quantit
10、y allowed for the actual good output.,A General Model for Variance Analysis,AQ(AP - SP) SP(AQ - 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 Standar
11、d Price,Standard Costs,Lets use the general model to calculate standard cost variances, starting with direct 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 t
12、o make 1,000 Zippies. The material cost a total of $6,630.,Material Variances Example,What is the actual price per pound paid 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 pound paid for the material?
13、 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. AP = $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,Han
14、sons material price variance (MPV) for the week was: a. $170 unfavorable. b. $170 favorable. c. $800 unfavorable. 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 that should have been used to produce 1,000
15、 Zippies is: a. 1,700 pounds. b. 1,500 pounds. c. 2,550 pounds. d. 2,000 pounds.,Material Variances,The standard quantity of material that should have been used to produce 1,000 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. $800 unfavorable. d. $800 favorable.,Material Variances,Hansons ma
