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Chapter 25 - Standard costs and balanced scorecard. The objectives of this chapter are: Describe standard costs, determine direct materials variances, determine direct labor and total manufacturing variances, prepare variance reports and balanced scorecard. | 25-1 25 Standard Costs and Balanced Scorecard Learning Objectives 25-2 1 Describe standard costs 2 Determine direct materials variances. 3 Determine direct labor and total manufacturing variances. 4 Prepare variance reports and balanced scorecard. LEARNING OBJECTIVE 1 Describe standard costs. Distinguishing Between Standards and Budgets Both standards and budgets are predetermined costs, and both contribute to management planning and control. There is a difference: 25-3 A standard is a unit amount. A budget is a total amount LO 1 Advantages Illustration 25-1 25-4 LO 1 Setting Standard Costs Setting standard costs requires input from all persons who have responsibility for costs and quantities. Standards should change whenever managers determine that the existing standard is not a good measure of performance. 25-5 LO .
