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Revised Summer 2016Exam ReviewSTANDARD COSTS AND VARIANCE ANALYSIS Key Topics to Know The nature of standards: what they are, how they are developed, why they are important and the different types
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How to fill out standard costs and variance
How to fill out standard costs and variance
01
To fill out standard costs and variance, follow these steps:
02
Determine the direct materials cost: Calculate the expected quantity and price of materials required for production.
03
Calculate the direct labor cost: Estimate the expected hours and rates for labor needed to produce the goods or services.
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Evaluate the variable overhead cost: Determine the expected variable overhead expenses based on the standard rates and activity levels.
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Calculate the fixed overhead cost: Estimate the expected fixed overhead expenses, such as rent, utilities, and depreciation.
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Determine the standard cost per unit: Sum up the costs of direct materials, direct labor, and overhead, and divide by the expected production volume.
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Calculate the actual costs: Record the actual materials, labor, and overhead expenses incurred during production.
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Calculate the price variance: Compare the actual direct materials and labor costs with the standard costs to identify differences.
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Calculate the efficiency variance: Compare the actual production volume with the standard volume to measure the efficiency of resource utilization.
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Analyze and report variances: Investigate the reasons for variances, determine their impact on financial performance, and report the findings.
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Take corrective actions: Based on the analysis of variances, implement appropriate measures to address deviations from standard costs.
Who needs standard costs and variance?
01
Standard costs and variance analysis are essential for various stakeholders, including:
02
- Managers: Standard costs help managers plan and control costs, monitor performance, and make informed decisions.
03
- Accountants: Standard costs provide a basis for cost accounting, budgeting, and performance evaluation.
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- Financial Analysts: Variance analysis helps analysts assess the efficiency and effectiveness of cost management strategies.
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- Investors: Standard costs and variance analysis provide insights into a company's cost structure and operational efficiency.
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- Regulatory Bodies: Standard costs may be required by regulatory bodies to ensure compliance with accounting standards and regulations.
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What is standard costs and variance?
Standard costs are predetermined costs that are used as benchmarks for evaluating actual costs. Variance is the difference between standard costs and actual costs.
Who is required to file standard costs and variance?
Businesses and organizations that use standard costing system are required to file standard costs and variance.
How to fill out standard costs and variance?
Standard costs and variance can be filled out by comparing actual costs with predetermined standard costs and calculating the difference.
What is the purpose of standard costs and variance?
The purpose of standard costs and variance is to measure and analyze the efficiency and effectiveness of a business's operations.
What information must be reported on standard costs and variance?
Standard costs and variance report must include actual costs, standard costs, variance analysis, and explanations for any significant variances.
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