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Chapter 9 HM
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Review from Last MeetingBudgeting
1. Discuss budgeting & its role in
planning, control, & decisionmaking.
. !e"ne & prepare a master budget
3. Describe #e$ible budgeting%. $plain how activity-based
budgeting works.
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'. (ell how unit standards are set)wh* standard costing s*stems are
adopted.. +tate the purpose of a standard
cost sheet.
. !escribe basic conceptsunderl*ing variance anal*sis &e$plain how the* are used forcontrol.
LEARNING OBJECTIVES
Continued
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4
%. Compute materials & laborvariances) e$plain how the* are
used for control.-. Calculate variable & "$ed
overhead variances & give their
de"nitions .. /repare 0ournal entries for
variances (Appendix).
LEARNING OBJECTIVES
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5PLANNING CONTROL
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+tandard Costing1uantit* standards 2 the amount ofinput that should be used per unit ofoutput.
/rice standards 2 the amount thatshould be paid for the quantity of input
used.
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5 ounce fructose used per bottle (standard quantity)
The price of fructose $0.05 ounce (standard price)Then!tandard cost of fructose per bottle " $0.25 (5 # $0.05)
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Where do quantity & pricestandards come from?
Quantity standards come fromexperience, studies, & personnel.
Price standards come fromoperations, purchasing, personnel,& accounting.
Quantity
Price
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Ideal Standard vs AttainableStandard
Ideal standards onl* work underperfect conditionsAttainable standards can beachieved under e3cientoperating conditions.
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+(45!4R! C6+(+7+( M+
8h* adopt a standard cost s*stem :or planning & control
(o improve performance measures (o give manager more information b*decomposing total variances into price &usage variances
:or product costing (o use unit cost s*stem that is readil*available in pricing
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+tandard /roduct Costs
+(45!4R! C6+( / R ;5
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+tandard cost sheet
Reveals the =uantit* of eachinput used to produce one unit ofoutput
(he number could be used tocompute standard =uantit* of materials
allowed >+1?
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Unit quantity standard x actual output
Unit labor standard x actual output
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$ercise 9@
+H A '.- $ ',BA ,-- hour+1 A % $ ',BA ,D components
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Eariance 4nal*sisdifference bet#een actual cost &planned cost of production (he diFerence between actual &planned can be2 avorable >actual price or usage G
standard?
or un avorable >actual price or usage
standard?.!oes not mean good or badI
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What should #e do #hen #e find"ariances?
Control limitshould be usedto determine
variances aresigni"cant ornot.
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Total variance is Actual cost Appliedcost or Total cost Standard cost.
Total Variance
= ( ' ) * (+' +)
= ( ctual price x ctual quantity
(+tandard 'rice x +tandard )uantity
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!$ %
(otal Eariance
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1
o# can #e ma-e total"ariances more useful?
otal "ariances pro"ide moreinformation if they are di"ided
into Price "ariances & Efficiency"ariances.
!$ %
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1%
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(*pes of EarianceMaterial Eariances Materials /rice Eariance >M/E?2 Materials ;sage Eariance >M;E?2
!irect Labor Eariances
Labor Rate Eariance >LRE? Labor 3cienc* Eariance >L E?
Eariable 6verhead Eariances Eariable 6verhead +pending Eariance
Eariable 6verhead 3cienc* Eariance:i$ed 6verhead Eariances :i$ed 6verhead +pending Eariance :i$ed 6verhead Eolume Eariance
1&
$
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M4( R
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Who is responsible for amaterials price "ariance?
The Purchasing Agent .
!$ /
Purchasing agent
The price 'ariance can be influenced bysuch factors as quality quantity discountsdistance of the source fro the plant and soon. These factors are often under the controlof the a*ent.
!$ /
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:6RM;L42Materials Pri e Varian e (MPV)! "eas#redi$erent %et&een a t#al ' standard pri e MPV (AP x A ) * (SP x A )
(AP + SP)A
Materials ,sa-e Varian e (M,V)! tells& et er a /"pan0 #sed "/re ra&"aterials t an expe ted M,V (A 1 SP) + (S 1 SP)
(A + S )SP
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!$ /
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!irect Labor Eariances
labor rate variance (LRV) :computes the diFerence betweenwhat actuall* paid to direct laborers
and what should have been paid LRV (AR 1 A2) + (SR 1 A2)
labor e!ciency variance (LEV):tells whether a compan* paid morethan e$pected for labor 2 LEV (A2 1 SR) + (S2 1 SR)
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!$ /
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Who is responsible for alabor efficiency "ariance?
The Production &Maintenance Managers .
!$ /
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"ariance Analysis# $ver%ead&ostsTotal overhead variance is the difference between
actual and applied variable overhead
Eariable 6verhead Eariances variable overhead spending variance variable overhead e3cienc*
variance
:i$ed 6verhead Eariances "$ed overhead spending variance "$ed overhead volume variance
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2
Eariable 6verhead +pendingEariance
arises because prices change.
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Eariable 6verhead 3cienc*Eariance
Eariable overhead e3cienc*variance measures change invariable overhead consumptionbecause relies on direct labor!epends on validit* of relationshipbetween variable overhead costs
and direct labor hours:ormula2A >4H J +H?+E6R
2%
!$ 0
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2&
:
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:i$ed 6verhead +pendingEariance
diFerence between actual andbudgeted "$ed overhead.includes things such as salaries,depreciation, ta$es, andinsurance.
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:i$ed 6verhead Eolume Eariance
measures the eFect of actualoutput diFering from output usedto compute predetermined
standard "$ed overhead rateCan be interpret as a measure ofcapacit* utilisation
:ormula24pplied :i$ed 6verhead J udgeted :i$ed
6verhead
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$ercise 9@'%
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Accounting or"ariances
4ssumption 4ll inventories >or labor rate? are carried at standard
cost 4ctual costs are never entered into an inventor*
account
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'ntries or (aterials"ariances
Material /rice Eariance
Material ;sage Eariance
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ntries for !irect LaborEariances
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THE ENDTHE END
C APTE! "