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Managerial Accounting

15th Edition
Carl Warren + 1 other
Publisher: South-Western College Pub
ISBN: 9781337912020

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BuyFindarrow_forward

Managerial Accounting

15th Edition
Carl Warren + 1 other
Publisher: South-Western College Pub
ISBN: 9781337912020
Chapter 9, Problem 1DQ
Textbook Problem
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What are the basic objectives in the use of standard costs?

To determine

Identify the basic objectives in the use of standard costs.

Explanation of Solution

Standard Costs:

In the accounting records, the term standard cost refers to the practice of replacement of an expected cost for an actual cost. Then the difference between the expected costs and actual costs showing the variance are also recorded periodically. A standard costs is also known as target cost or predetermined cost. Generally, the manufacturing companies use standard costs for each of the three product costs which are given as follows:

  1. 1. Direct materials cost
  2. 2. Direct labor cost, and
  3. 3. Factory overhead cost

The basic objectives in the use of standard costs are as follows:

  • v To know how much a product should cost (standard cost), and
  • v To know how much a product does cost (actual cost).

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Chapter 9 Solutions

Managerial Accounting
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Ch. 9 - Direct materials variances Bellingham Company...Ch. 9 - Direct labor variances Bellingham Company produces...Ch. 9 - Factory overhead controllable variance Bellingham...Ch. 9 - Factory overhead volume variance Bellingham...Ch. 9 - Standard cost journal entries Bellingham Company...Ch. 9 - Income statement with variances Prepare an income...Ch. 9 - Crazy Delicious Inc. produces chocolate bars. The...Ch. 9 - Atlas Furniture Company manufactures designer home...Ch. 9 - Salisbury Bottle Company manufactures plastic...Ch. 9 - The following data relate to the direct materials...Ch. 9 - De Soto Inc. produces tablet computers. The...Ch. 9 - Standard direct materials cost per unit from...Ch. 9 - H.J. Heinz Company uses standards to control its...Ch. 9 - Direct labor variances The following data relate...Ch. 9 - Glacier Bicycle Company manufactures commuter...Ch. 9 - Ada Clothes Company produced 40,000 units during...Ch. 9 - Mexicali On the Go Inc. owns and operates food...Ch. 9 - Direct materials and direct labor variances At the...Ch. 9 - Flexible overhead budget Leno Manufacturing...Ch. 9 - Flexible overhead budget Wiki Wiki Company has...Ch. 9 - Factory overhead cost variances The following data...Ch. 9 - Thomas Textiles Corporation began November with a...Ch. 9 - The data related to Shunda Enterprises Inc.s...Ch. 9 - Factory overhead cost variance report Tannin...Ch. 9 - Recording standards in accounts Cioffi...Ch. 9 - Recording standards in accounts The Assembly...Ch. 9 - Income statement indicating standard cost...Ch. 9 - Rockport Industries Inc. gathered the following...Ch. 9 - Dickinsen Company gathered the following data for...Ch. 9 - Rosenberry Company computed the following revenue...Ch. 9 - Lowell Manufacturing Inc. has a normal selling...Ch. 9 - Shasta Fixture Company manufactures faucets in a...Ch. 9 - Flexible budgeting and variance analysis I Love My...Ch. 9 - Direct materials, direct labor, and factory...Ch. 9 - Factory overhead cost variance report Tiger...Ch. 9 - CodeHead Software Inc. does software development....Ch. 9 - Direct materials and direct labor variance...Ch. 9 - Flexible budgeting and variance analysis Im Really...Ch. 9 - Direct materials, direct labor, and factory...Ch. 9 - Factory overhead cost variance report Feeling...Ch. 9 - The Radiology Department provides imaging services...Ch. 9 - Genuine Spice Inc. began operations on January 1...Ch. 9 - Advent Software uses standards to manage the cost...Ch. 9 - Admissions time variance Valley Hospital began...Ch. 9 - United States Postal Service: Mail sorting time...Ch. 9 - Direct labor time variance Maywood City Police...Ch. 9 - Ethics in action Dash Riprock is a cost analyst...Ch. 9 - Variance interpretation Vanadium Audio Inc. is a...Ch. 9 - MinnOil performs oil changes and other minor...Ch. 9 - Marten Company has a cost-benefit policy to...Ch. 9 - Frisco Company recently purchased 108,000 units of...Ch. 9 - JoyT Company manufactures Maxi Dolls for sale in...

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