Chapter 23 study guide

Chapter 23 study guide - At the end of the year where are...

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STUDY GUIDE Chapter 23 Definitions Ideal Standards Normal Standards Budget Performance Report Cost Variance How are standards set? Why should the standard price and quantity of direct material be separated? What causes a favorable variance? Unfavorable? ( for example - what variance occurs when Standard cost are less than actual costs?)
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Unformatted text preview: At the end of the year, where are variances usually transferred or closed out to? The majority of this chapter is on CALCULATING the variances. LOTS OF POINTS on this!! Know how to calculate the direct materials price variance direct materials quantity variance direct labor time variance direct labor rate variance Factory overhead controllable variance factory overhead volume variance...
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