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Accounting Quiz

In: Business and Management

Submitted By ciafire
Words 1106
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Ch. 9: Standard Costing: A Functional-Based Control Approach
Performance Reports - Budget to Actual Variances:
Favorable Occurs When:
Actual production is greater than budget.
Actual revenue is greater than budget.
Actual costs are less than budget.
Unfavorable occurs for the opposite:
Actual production is less than budget.
Actual revenue is less than budget.
Actual costs are greater than budget.
Static vs. Flexible Budgeting:
Static is for a designated level of activity.
Flexible budgeting can provide different scenarios (expected).
Flexible budgeting adjusts what costs should have been based on actual level activity (actual).
Standard Cost: expected or budgeted cost of materials, labor, and manufacturing overhead required to produce one unit of product (Unit Std Cost = Price Standard * Quantity Standard)
Price Standard: price that should be paid per unit of input (such as pound of material).
Input (Quantity) Standard: quantity of input allowed per unit of output (for example, pounds of material allowed per one unit of product).
Standard Cost Sheet: calculates the total standard cost for one unit of product.
Why Use Standard Costing?


To improve planning and control.



To facilitate product costing.

When to investigate variances? If variances are material, and the benefits will exceeds costs of investigation and corrective action.
Which variances to investigate? F or U??
How to record variances? How are they closed out?

79

STANDARD COSTING EXERCISE
Standard Cost Sheet for Dudley Door Company’s deluxe door:
Std. Qty
Std. Price
Std. Cost
Direct Materials
10 lbs./u
$5.00/lb.
Direct Labor
4 hrs./u
10.00/hr.
Variable Overhead 4 hrs./u
2.00/hr.
Fixed Overhead
$528,000
Standard Cost per Unit:

$

Dudley computes its overhead rates using practical volume, which is 22,000 units(doors). Overhead is allocated on the basis of direct labor hours. The actual results for the first month of 2008 are:
Doors Made
Materials Purchased
Materials Used
Direct Labor
Fixed Overhead
Variable Overhead

20,000
225,000 lbs. @ $5.25
215,000 lbs.
79,000 hours @ $11.00
$530,000
$155,000

1. Calculate the Standard Quantity of Materials Allowed for the actual level of output attained.

2. Calculate the Standard Hours Allowed for the actual level of output attained.

80

3. a. Calculate the Direct Materials Price Variance. When?

b. Prepare JE.

c. Who has responsibility?

4. a. Calculate the Direct Materials Efficiency (Usage) Variance. When?

b. Prepare JE.

c. Who has responsibility?

81

5. Calculate the Labor Price (Rate) Variance.

6. Calculate the Labor Efficiency Variance.

7. Prepare Labor JE. (Why only one JE for labor compared to two different for materials??)

82

8. Calculate VOH Spending Variance.

9. Calculate VOH Efficiency Variance.

10. Prepare the VOH journal entries.

83

11. Calculate FOH Spending Variance.

12. Calculate FOH Volume Variance.

13. Prepare the FOH journal entries.

84

JOURNAL ENTRIES – FLOW OF COSTS – STANDARD COSTING SYSTEM; ABSORPTION
COSTING SYSTEM (GAAP)
Transaction Description

Journal Entry
Dr.

How to get Amount

Cr.

How to get Amount

1. Purchases of materials and supplies

Raw Materials Inv.
Std. allowed for actual units purch.
Dr. U /Cr. F Materials Price Variance
Accounts Pay. (or Cash)
Actuals

2. Issuance of direct materials

Work-in-Process Inv.
Std. allowed for actual units prod.
Dr. U /Cr. F Materials Efficiency (Qty.) Variance
Raw Materials Inv.
Actuals

3. Issuance of indirect materials

Manufacturing Overhead
Raw Materials Inventory

Actuals
Actuals

4. Direct labor costs assigned

Work-in-Process Inv.
Std. allowed for actual units prod.
Dr. U /Cr. F Labor Price (Rate) Variance
Dr. U /Cr. F Labor Efficiency Variance
Wages Payable
Actuals

5. Indirect labor costs assigned (both VOH and FOH)

Manufacturing Overhead
Wages Payable

Actuals

6. Payment of payroll

Wages Payable
Cash

Actuals

Manufacturing Overhead
A/P or Utilities Payable

Actuals

8. Depreciation on factory assets (both VOH and FOH)

Manufacturing Overhead
Accumulated Depreciation

Actuals

9. Factory insurance expired (both VOH and
FOH)

Manufacturing Overhead
Prepaid Insurance

Actuals

10a. Application/Allocation of factory overhead to work in process (both VOH and
FOH)

Work-in-Process Inv. Std. rate * Std. CAB allowed for actual u prod.
Manufacturing Overhead Std. rate * Std. CAB allowed for actual

11. Transfer completed products to finished goods Finished Goods Inventory
Work-in-Process Inventory

12a. Sales

Accounts Receivable (or Cash)
Sales

12b. Cost of goods sold (made at time of sale assuming a perpetual inventory system is used)

Cost of Goods Sold
Finished Goods Inventory

7. Utilities (both VOH and FOH)

Actuals

Actuals

Actuals

Actuals

Actuals

units produced

85

Standards accumulated in flow
Standards accum. in flow

Standards accum./u * units sold
Stds accum./u * units sold

Transaction Description

Journal Entry
Dr.

How to get Amount

Cr.

13a. Analyze VOH and FOH variances
(NOTE: Your book does not do these entries; additionally, they only use one Overhead account, which complicates the ability to analyze variances. I have streamlined the entries here to reflect the VOH and FOH variances together. See the T-account discussion that follows to understand the big picture for the over- and under-allocated variance and its relationship to each variance.)

13b. Disposition* of variance accounts to
COGS
(*Note: Variances could also be prorated to the affected accounts; however, we are simply closing variances to COGS.)

How to get Amount

If overallocated (i.e. overapplied or cr. balance in MOH):
Dr. Manufacturing Overhead Control (to close balance to zero) Dr. U /Cr. F VOH/FOH Spending Variance
Dr. U /Cr. F VOH Efficiency Variance
Dr. U /Cr. F FOH Production Volume Variance
If underallocated (i.e. underapplied or dr. balance in MOH):
Dr. U /Cr. F VOH/FOH Spending Variance
Dr. U /Cr. F VOH Efficiency Variance
Dr. U /Cr. F FOH Production Volume Variance
Cr. Manufacturing Overhead Control (to close balance to zero)
Dr. Cost of Goods Sold
Cr. Unfavorable-balance variances (to close to zero)
Dr. Favorable-balance variances (to close to zero)
Cr. Cost of Goods Sold

Overhead Control (Total VOH and FOH)

Actuals

Allocated

Dr balance = Cr balance =
Underallocated Overallocated
Differences between the actual and allocated amounts for VOH and FOH are due to Spending Variances
(both VOH and FOH), Efficiency Variances (VOH only) and Production Volume Variances (FOH only.) These variances could net to a debit (underallocated) or credit (overallocated) balance in
Overhead Control. The total under- or over-allocated amount could be due to a combination of favorable and unfavorable variances in the account. It is important to first calculate all the variances and determine their impact (F or U), and then record the variances with the appropriate debits and credits, as well as close the overhead control account to zero (and thus account for the total under- or overallocated amount for overhead with the variance accounts.)

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