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 |  Introduction to Managerial Accounting Jeannie M. Folk
Ray H. Garrison
Eric Noreen
Standard Costs
Chapter Outline- Standard Costs-Management by Exception
- Who Uses Standard Costs?
- Setting Standard Costs
- Ideal versus Practical Standards
- Setting Direct Materials Standards
- Setting Direct Labor Standards
- Setting Variable Manufacturing Overhead Standards
- Are Standards the Same as Budgets?
- A General Model for Variance Analysis
- Price and Quantity Variances
- Using Standard Costs-Direct Materials Variances
- Materials Price Variance-A Closer Look
- Materials Quantity Variance-A Closer Look
- Using Standard Costs-Direct Labor Variances
- Labor Rate Variance-A Closer Look
- Labor Efficiency Variance-A Closer Look
- Using Standard Costs-Variable Manufacturing Overhead Variances
- Manufacturing Overhead Variances-A Closer Look
- Variance Analysis and Management by Exception
- Evaluation of Controls Based on Standard Costs
- Advantages of Standard Costs
- Potential Problems with the Use of Standard Costs
- Balanced Scorecard
- Appendix 8A: General Ledger Entries to Record Variances
- Direct Materials Variances
- Direct Labor Variances
- Variable Manufacturing Overhead Variances
- Cost Flows in a Standard Cost System
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2002 McGraw-Hill Higher Education