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chapter9 - 1 Standards a Defined i Carefully developed unit...

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1) Standards a) Defined i) Carefully developed unit cost that should be obtained ii) Price Standard x Quantity Standard b) Reasons for using Standards i) Planning ii) Cost control iii) Facilitate Product Costing c) Ideal Standards i) Expressions of the most efficient performance possible under the best conceivable conditions ii) No Spoilage, waste, or machine breakdowns d) Attainable Standards i) Level of performance achieved with a realistic effort ii) Allow for waste, spoilage, or nonproductive time iii) Can be used for budgeting, inventory valuation, and performance evaluation e) Standard cost sheet i) Direct Materials Standard Quantity of Materials x Standard Price ii) Direct Labor Standard Quantity of DL Hours x Standard Rate iii) Variable Overhead Standard Quantity of DL Hours x Standard VOH Rate iv) Fixed Overhead Standard Quantity of DL Hours x Standard FOH Rate f) Standard Quantity of Inputs Allowed (Actual Output) i) SIQA (Materials) Unit QTY Standard x Actual output ii)
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