Sm Ch 24

Topics: Cost accounting, Direct material price variance, Variance Pages: 53 (11170 words) Published: January 4, 2015
CHAPTER 24
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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