chapter%20101 - Chapter 10 Standard Costing A Managerial...

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September 7, 2011 Accounting 2102 1 Chapter 10 Standard Costing: A Managerial Control Tool
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Budgets versus Standards Budgets versus Standards budgets are prepared on an aggregate level standards are prepared on a per unit level per unit standards are developed on two levels price (rate) standards quantity (efficiency) standards should be challenging and achievable September 7, 2011 Accounting 2102 2
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VARIANCES variance = actual – budgeted 2 variances . . . price (rate) variance quantity (efficiency) variance labeled as favorable (F) or unfavorable (U) material or immaterial September 7, 2011 Accounting 2102 3
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Calculating Variances . . . Direct Materials DM Price Variance Point of measurement? Responsible party? DM Quantity Variance Point of measurement? Responsible party? September 7, 2011 Accounting 2102 4 Total DM Variance
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Leave Only Footprints, Inc. Leave Only Footprints, Inc. manufactures light weight sleeping bags.
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