ACTG 2020 Lecture Notes - Lecture 1: Standard Cost Accounting, International Labor Standards, Minivan

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15 Sep 2016
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Chap 10 standard costing: a managerial control tool. Therefore standard cost per unit = quantity standard x price standard. Planning and control: improve performance measurement, budgetary control systems compare actual costs with budgeted costs by computing variances, different types of variances. Product costing: costs are assigned to products using quantity and price standards for all three manufacturing costs: dm, dl, oh vs. normal costing vs. actual costing. Greatest capacity for control using standard costing system. Allows for readily available unit cost information that can be used for pricing decisions. Standard cost sheet provides the production data needed to calculate the standard unit cost. Standard quantity of materials allowed sq = unit quantity standard x actual output. Standard hours allowed sh = unit labour standard x actual output. Planned cost = sp x sq: where sp = standard price per unit, sq = standard quantity of input allowed for the actual output.

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