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Glacier Peak Outfitters ― Revisited We will use information from the Glacier Peak Outfittersexample presented earlier in the chapter to illustrate journalentries for standard cost variances. Recall the following:
7 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1184 | Lượt tải: 0
Let’s look at a graph showing fixed overhead variances. We will use ColaCo’s numbers from the previous example.
24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 879 | Lượt tải: 0
Standard Costs Standards are benchmarks or “norms” formeasuring performance. In managerial accounting, two types of standards are commonly used.
19 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 988 | Lượt tải: 0
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 wouldbe the best way to measure overall activity for his business...
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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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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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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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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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Let’s assume the following additional information for Harvey Company. 20,000 units were sold during the year at a priceof $30 each. There is no beginning inventory. Now, let’s compute net operatingincome using both absorptionand variable costing.
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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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