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Copyright 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 25-1 CHAPTER 25 Standard Costs and Balanced Scorecard ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Distinguish between a standard and a budget. 1, 2 1 6 1 2. Identify the advantages of standard costs. 3 4 1 3. Describe how companies set standards. 4, 5, 6, 7, 8, 9 2, 3 4, 5 1, 2, 3, 4, 16, 18 4. State the formulas for determining direct materials and direct labor variances. 10, 11 4, 5 8 4, 5, 6, 7, 8, 9, 12, 13, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 5. State the formula for determining the total manufacturing overhead variance. 12 6 10, 11, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 6. Discuss the reporting of variances. 13, 14 9, 13, 14 3A 3B 7. Prepare an income statement for management under a standard costing system. 18 15 2A, 5A, 6A 2B, 5B, 6B 8. Describe the balanced scorecard approach to performance evaluation. 15, 16, 17 7 16 *9. Identify the features of a standard cost accounting system. 19 8, 9 17, 18, 19 6A 6B *10. Compute overhead controllable and volume variances. 20, 21, 22, 23 10, 11 20, 21, 22 7A, 8A, 9A, 10A 7B, 8B, 9B, 10B 25-2 Copyright 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Compute variances. Simple 2030 2A Compute variances, and prepare income statement. Simple 3040 3A Compute and identify significant variances. Moderate 2030 4A Answer questions about variances. Complex 3040 5A Compute variances, prepare an income statement, and explain unfavorable variances. Moderate 3040 *6A Journalize and post standard cost entries, and prepare income statement. Moderate 4050 *7A Compute overhead controllable and volume variances. Simple 1015 *8A Compute overhead controllable and volume variances. Simple 1015 *9A Compute overhead controllable and volume variances. Moderate 1015 *10A Compute overhead controllable and volume variances. Moderate 1015 1B Compute variances. Simple 2030 2B Compute variances, and prepare income statement. Simple 3040 3B Compute and identify significant variances. Moderate 3040 4B Answer questions about variances. Complex 3040 5B Compute variances, prepare an income statement, and explain unfavorable variances. Moderate 3040 *6B Journalize and post standard cost entries, and prepare income statement. Moderate 4050 *7B Compute overhead controllable and volume variances. Simple 1015 *8B Compute overhead controllable and volume variances. Simple 1015 *9B Compute overhead controllable and volume variances. Moderate 1015 *10B Compute overhead controllable and volume variances. Moderate 1015 Copyright 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual ... View Full Document