ACCY 207 Chapter Notes - Chapter 8: Standard Cost Accounting, The Variable, Direct Labor Cost

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Chapter 8: flexible budgets, standard costs, and variance analysis. Standard costs setting the stage: standard= a benchmark or norm for measuring performance, a standard is the expected cost for one unit. (a budget is the expected cost for. Using standard costs direct materials variances: lo 8-4: compute the direct materials price and quantity variances and explain their. Vi. significance: standard quantity allowed for actual output = refers to the amount of an input that should have been used to manufacture the actual output of finished goods produced during the period. Raw materials purchases may be help in inventory for a period of time before being used in production. Appendix 8a: predetermined overhead rates and overhead analysis in a standard costing. System: lo 8-7: compute and interpret the fixed overhead budget and volume variances, predetermined overhead rates, pohr = how overhead costs are assigned to products and services.

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