Accounting 303

In: Business and Management

Submitted By mfrench
Words 1331
Pages 6
Setting direct materials stds: price stds- final, delivered cost of materials, net of discounts; qty. stds- summarized in a bill of materials
Setting direct labor stds: rate stds- often a since rate is used that reflects the mix of wages earned; time stds: use time and motion studies for each labor operation
Standard cost card: std. qty/hrs x std. price/rate=std. cost per unit
Mgt by exception- deviations from stds. deemed significant are brought to the attn. of mgt.
Variance investigation should seek to determine if the circumstances causing the variance were controllable or uncontrollable and isolated or systemic
Variance analysis cycle: prepare perform. Report -> analyze variances -> identify ?’s -> receive explanations -> take corrective actions -> conduct next periods ops.
Price variance: diff. btw actual price & std. price – ex. Materials price variance, labor rate variance
Quantity variance: diff. btw actual qty & std. qty – ex. Materials qty variance, labor efficiency, (usage) variance
General model:
Actual qty. Actual qty. Std. qty. x x X
Actual price std. price std. price Price variance Quantity variance
Factored equations: (AQ x AP) – (AQ x SP) (AQ x SP) – (SQ-SP)
Price variances should be calculated when material is purchased not when it is used.
Quantity variance: SP(AQ-SQ)
Price variance: AQ(AP-SP)
Ex. How much per pound of material was actually pd? Material cost/pounds purchased & used
Purchasing manager forced to place rush orders for materials because production is inefficient -> unfavorable price variance
Production manager forced to use poor quality materials acquired at a cheap price -> unfavorable efficiency…...

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