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Chapter 11 - Standard costs and variance analysis. This chapter presents the following content: Standard costs and budgets, development of standard costs, ideal versus attainable standards, standard costing, a general approach to variance analysis,. | 1 Slide 11-2 CHAPTER 11 Standard Costs and Variance Analysis 2 Slide 11-3 Standard Costs and Budgets Standard cost Cost that management believes should be incurred to produce a product or service under anticipated conditions Standard costs can be used by manufacturing and service companies A tool manufacturer may set a standard cost for producing a hammer A bank may set a standard cost for processing a check Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. 3 Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. Slide 11-4 Standard Costs and Budgets The term standard cost often refers to the cost of a single unit The term budgeted cost often refers to the cost, at standard, of the total number of budgeted units The cost information contained in budgets must be consistent with standard costs 4 Slide 11-5 Standard | 1 Slide 11-2 CHAPTER 11 Standard Costs and Variance Analysis 2 Slide 11-3 Standard Costs and Budgets Standard cost Cost that management believes should be incurred to produce a product or service under anticipated conditions Standard costs can be used by manufacturing and service companies A tool manufacturer may set a standard cost for producing a hammer A bank may set a standard cost for processing a check Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. 3 Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. Slide 11-4 Standard Costs and Budgets The term standard cost often refers to the cost of a single unit The term budgeted cost often refers to the cost, at standard, of the total number of budgeted units The cost information contained in budgets must be consistent with standard costs 4 Slide 11-5 Standard Costs and Budgets If the materials budget indicates purchases of 5,000 pounds, standard cost is $25,000 (5,000 pounds * $5 standard cost per pound) If the labor budget is prepared for 1,000 units produced, 3,000 labor hours are needed at a standard cost of $30,000 (3,000 hours * $10) Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. 5 Slide 11-6 Starbucks Learning objective 1: Explain how standard costs are developed, and calculate and interpret variances for direct material and direct labor. 6 Slide 11-7 Development of Standard Costs Standard costs for material, labor and overhead are developed in a variety of ways Standard quantity and price for material may be specified: In engineering plans that provide a list of material In recipes or formulas By time and motion studies In price lists provided by suppliers Learning objective 1: Explain how standard costs are developed, and calculate and .
