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Unformatted text preview: and allow for occasional machine breakdowns and normal amounts of raw material waste VI. Controllability of Variances A. Variance interaction and trade-offs VII. Standard Costs and Product Costing a. Standard cost: a budget for the production of one unit of product or service b. Direct Material Price and Quantity variances c. Direct labor rate and efficiency variances VIII. Advantages of Standard Costs IX. Criticisms of Standard-Costing Systems in Today's Manufacturing Environment X. Operational Control Measures XI. Balanced Scorecard A. Financial and non-financial performance measures B. Lead and lag measures XII. Appendix: Journal Entries in a Standard-Costing System...
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