• Appendix 10B: Journal Entries to Record VariancesAppendix 10B: Journal Entries to Record Variances

    Glacier Peak Outfitters ― Revisited We will use information from the Glacier Peak Outfitters example presented earlier in the chapter to illustrate journal entries for standard cost variances. Recall the following:

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  • Appendix 10A: Predetermined Overhead Rates and Overhead Analysis in a Standard Costing SystemAppendix 10A: Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

    Let’s look at a graph showing fixed overhead variances. We will use ColaCo’s numbers from the previous example.

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  • Chapter 10: Standard Costs and VariancesChapter 10: Standard Costs and Variances

    Standard Costs Standards are benchmarks or “norms” for measuring performance. In managerial accounting, two types of standards are commonly used.

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  • Chapter 9: Flexible Budgets and Performance AnalysisChapter 9: Flexible Budgets and Performance Analysis

    Larry’s Lawn Service provides lawn care in a planned community where all lawns are approximately the same size.At the end of May, Larry prepared his June budget based on mowing 500 lawns. Since all of the lawns are similar in size,Larry felt that the number of lawns mowed in a month would be the best way to measure overall activity for his business...

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  • Chapter 8: Master BudgetingChapter 8: Master Budgeting

    The Basic Framework of Budgeting A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. The act of preparing a budget is called budgeting. The use of budgets to control an organization’s activities is known as budgetary control.

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  • Appendix 7A: ABC Action AnalysisAppendix 7A: ABC Action Analysis

    Conventional ABC analysis does not identify potentially relevant costs. An action analysis report helps because it: Shows what costs have been assigned to a cost object. Indicates how difficult it would be to adjust those costs in response to changes in the level of activity.

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  • Chapter 7: Activity-Based Costing: A Tool to Aid Decision MakingChapter 7: Activity-Based Costing: A Tool to Aid Decision Making

    Activity–Based Costing (ABC) ABC is designed to provide managers with cost information for strategic and other decisions that potentially affect capacity, and therefore, affect “fixed” as well as variable costs.

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  • Appendix 6A: Super-Variable CostingAppendix 6A: Super-Variable Costing

    Super-variable costing classifies all direct labor and manufacturing overhead costs as fixed period costs and only direct materials as a variable product cost. To simplify, in this appendix we also assume that selling and administrative expenses are entirely fixed.

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  • Chapter 6: Variable Costing and Segment Reporting: Tools for ManagementChapter 6: Variable Costing and Segment Reporting: Tools for Management

    Let’s assume the following additional information for Harvey Company. 20,000 units were sold during the year at a price of $30 each. There is no beginning inventory. Now, let’s compute net operating income using both absorption and variable costing.

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  • Chapter 5: Cost-Volume-Profit RelationshipsChapter 5: Cost-Volume-Profit Relationships

    Key Assumptions of CVP Analysis Selling price is constant. Costs are linear and can be accurately divided into variable (constant per unit) and fixed (constant in total) elements. In multiproduct companies, the sales mix is constant. In manufacturing companies, inventories do not change (units produced = units sold).

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