# Sm Ch 24

**Topics:**Cost accounting, Direct material price variance, Variance

**Pages:**53 (11170 words)

**Published:**January 4, 2015

STANDARD COST SYSTEMS

OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS, AND CRITICAL THINKING CASES

Brief

Exercises

B. Ex. 24.1

B. Ex. 24.2

B. Ex. 24.3

B. Ex. 24.4

B. Ex. 24.5

Topic

Variances and normal capacity

Standard cost applied to production

Expected volume variance

Volume and spending variances

Normal vs. ideal standard costs

Learning

Objectives

Skills

24-1, 24-2, 24-5 Analysis, judgment

24-3

Analysis

24-4

Analysis

24-4, 24-5 Analysis

24-2, 24-5 Analysis, communication,

judgment

B. Ex. 24.6

B. Ex. 24.7

B. Ex. 24.8

B. Ex. 24.9

B. Ex. 24.10

Computing labor cost variances

Journal entry for direct labor

Computing materials cost variances

Journal entry for direct materials

Overhead cost variances

24-1, 24-3, 24-5 Analysis, judgment

24-3

Analysis

24-3

Analysis

24-3

Analysis

24-4

Analysis, communication

Exercises

24.1

24.2

24.3

24.4

24.5

24.6

Learning

Topic

Objectives

Skills

Accounting terminology

24-1–24-5 Analysis

Relationships among standard costs, actual 24-3, 24-4 Analysis costs, and cost variances

Understanding materials cost variances

24-3, 24-5 Analysis, judgment

Computing materials cost variances and

24-3–24-5 Analysis, judgment

volume variance

Manufacturing overhead variances

24-4, 24-5 Analysis, judgment

Computing labor cost variances

24-1, 24-3, Analysis, communication,

24-5

judgment

24.7

24.8

Elements of materials cost variances

Interpreting variances

24-3

24-5

24.9

24.10

24.11

24.12

Computing overhead cost variances

Overhead journal entries

Overhead cost variances

Understanding overhead variances

24-4

24-4

24-4, 24-5

24-4

24.13

24.14

Computing materials and labor variances

Causes of cost variances

24.15

Real World: Standards for Home Depot

24-3

24-1, 24-3,

24-5

24-1, 24-5

Analysis

Analysis, communication,

judgment

Analysis

Analysis

Analysis

Analysis, communication,

judgment

Analysis

Analysis, communication,

judgment

Analysis, communication,

judgment, research

Copyright © 2015 by McGraw-Hill Education All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Problems

Sets A, B

24.1 A,B

24.2 A,B

24.3 A,B

24.4 A,B

24.5 A,B

24.6 A,B

24.7 A,B

24.8 A,B

24.9 A,B

Learning

Topic

Objectives

Skills

Understanding materials cost variances and 24-3–24-5 Analysis, judgment, volume variance

communication

Computing and journalizing cost variances

24-3, 24-4 Analysis

Computing and journalizing cost variances

24-3, 24-4 Analysis

Computing and journalizing cost variances

24-3, 24-4 Analysis

Computing and journalizing cost variances

24-3, 24-4 Analysis

Computing and journalizing cost variances

24-3, 24-4 Analysis

Computing, journalizing, and analyzing cost 24-3–24-5 Analysis, communication, variances

judgment

Understanding cost variances: solving for

24-1, 24-3, Analysis, judgment

missing data

24-4

Understanding variance calculations

24-3, 24-4 Analysis

Critical Thinking Cases

24.1

It's not my fault

24.2

Determination and use of standard costs

24.3

Real World: Travelocity.com

(Internet) Standards for travel costs

24. 4

Standard cost systems and inventory

misstatement

(Ethics, fraud and corporate governance)

24-1, 24-3 –

24-5

24-1, 24-3 –

24-5

24-2, 24-5

24-4

Analysis, communication,

judgment

Analysis, communication,

judgment

Analysis, communication,

judgment, research,

technology

Analysis, communication,

judgment, research,

technology

Copyright © 2015 by McGraw-Hill Education All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

DESCRIPTIONS OF PROBLEMS AND CRITICAL THINKING CASES

Below are brief descriptions of each problem and case. These descriptions are accompanied by the estimated time (in minutes) required for completion and by a difficulty rating. The time...

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