Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 7Standard Costing and Variance Analysis Cost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 2)Describe how standards are set for material, labor, and overheadList the documents that are associated with standard cost systems and describe the information that those documents provideCalculate and record material, labor, and overhead variances
اسلاید 3: Learning Objectives (2 of 2)Explain why standard cost systems are usedContrast the traditional labor and overhead elements to a single conversion element(Appendix) Explain how multiple material and labor categories affect variances
اسلاید 4: StandardsStandard costs are budgeted costs to manufacture a single unit of product, orperform a single serviceTo develop standards identifymaterial and labor types, quantities, and pricesoverhead types and behavior
اسلاید 5: Material StandardsMaterials usedTypesQuantityQualityCostFrom Product specifications, observation, inquiryBill of materialsBalance cost, quality, and projected sales price
اسلاید 6: Labor StandardsLabor usedTypesProduction, setup, cleanup, and reworkQuantityCost Include wages, payroll taxes, and fringe benefitsFromTime and motion studies, industrial engineering studiesOperations flow document
اسلاید 7: Overhead StandardsVariable and fixed manufacturing overheadEstimated level of activityEstimated costsPredetermined factory overhead application rates
اسلاید 8: SP x SQAP x AQTotal VarianceTotal VarianceAP = actual cost/price per unit of materials or hours of laborAQ = actual quantity of materials or hours of laborSP =standard cost/price per unit of materials or hours of laborSQ =standard quantity of materials or hours of laborInputsOutputs
اسلاید 9: Material Price Variance (MPV)AP x AQSP x SQTotal VarianceSP x AQMPV(AP - SP) x AQ**Favorable or unfavorableWhat was paidWhat shouldhave beenpaid
اسلاید 10: Material Price VarianceCalculate Material Price Variance at point of purchase, orwhen materials used
اسلاید 11: Material Quantity Variance (MQV)AP x AQSP x SQTotal VarianceSP x AQMQV(AQ - SQ) x SP**Favorable or unfavorableWhat shouldhave beenused for level of outputWhat wasused
اسلاید 12: Labor Rate Variance (LRV)AP x AQSP x SQTotal VarianceSP x AQLRV(AP - SP) x AQ**Favorable or unfavorableWhat was paidWhat shouldhave beenpaid
اسلاید 13: Labor Efficiency Variance (LEV)AP x AQSP x SQTotal VarianceSP x AQLEV(AQ - SQ) x SP**Favorable or unfavorableWhat shouldhave beenused for level of outputWhat wasused
اسلاید 14: Variable Overhead VariancesWhat should have beenused for level of outputFor actual hoursusedVOH Spending VarianceVOH Efficiency VarianceTotal VOH VarianceSP x SQSP x AQActual VOHBudgeted VOHApplied VOHActual
اسلاید 15: VOH Spending VarianceCaused by price differencesmanagers have little control over pricesCaused by shrinkage or wastemanagers should be held accountable
اسلاید 16: Fixed Overhead VariancesSP x SQActual FOHBudgeted FOHApplied FOHFOH Spending VarianceFOH Volume VarianceTotal FOH VarianceWhat should have beenused for level of outputConstantAmount
اسلاید 17: FOH Spending VarianceCalculate variance for each component Caused by price differencesMay reflect mismanagement of resources
اسلاید 18: FOH Volume VarianceMeasures capacity utilizationCaused by producing at a level that differs from the capacity level used to compute the predetermined overhead rateAlso called the noncontrollable variance
اسلاید 19: Four Variance ApproachSP x SQActual OHbased on Standard QuantityStandard OHVolume VarianceTotal OH VarianceBudgeted OHbased on Actual InputsVOH & FOH Spending VariancesVOH Efficiency VarianceApplied Overhead
اسلاید 20: Why Use Standard Cost SystemsClerical efficiencyMotivationPlanningControlling - variance analysisDecision makingPerformance evaluation
اسلاید 21: Setting StandardsAppropriatenessAttainabilityExpected standardsPractical standardsIdeal standards
اسلاید 22: QuestionsHow are standards set for material, labor, and overhead?How is variance analysis used for control and performance evaluation?Why are labor and overhead elements sometimes combined into a single conversion element?
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