Class Notes (838,985)
Canada (511,151)
Accounting (778)
ACC 406 (255)
Lecture

Standard Costing

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Department
Accounting
Course
ACC 406
Professor
Alison Beavis
Semester
Fall

Description
Chapter 10 & 11: Variance Analysis 1) Variance Analysis for Direct Materials: Actual Cost AQ purchased) AQ used Standard Cost Actual Quantity (10) X X (Expectations) X SPpurchased SP used Standard Quantity (12) Actual Priceunit ($2) ($1.5) X Standard Priceunit ($1.5) Direct Materials Price Variance Direct Materials Usage Variance = Difference = Difference $5 (Unfavorable) $3 (Favorable) Total Direct Materials Variance = Difference $2 (Unfavorable) Increasing Unfavorable Increasing Favorable Direct Materials Framework: Standard Quantity = Actual Output * Input-Output Ratio 2) Variance Analysis for Direct Labor: Actual Cost AH Standard Cost
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