PPT-Standard Costs and Variances

Learning Objectives Explain standard costs and how they are set Compute the direct materials price and quantity variances and explain their significance Compute the direct labor rate and efficiency variances and explain their significance. AS Business Studies. Aims & Objectives. Aim:. Understand variance analysis. Objectives:. Define variance analysis. Explain the causes of variance. Analyse managerial reactions to variance analysis. t. Tests. Karl L. Wuensch. Department of Psychology. East Carolina University. The Desire. We wish to investigate the relationship between a dichotomous variable and a . normally distributed . variable.. ©2015. University . of North Florida. All rights reserved. . Direct Material . Variances. Managerial Accounting. Prepared by Diane Tanner. University of North Florida. Chapter 45. Causes of Material Variances. Standard Costing and Variances. Standard Cost Systems. Benchmarks for. measuring performance.. The expected level. of performance.. Based on carefully. predetermined amounts.. Used for planning labor, material,. ©2015. University . of North Florida. All rights reserved. . Direct Labor Variances. Managerial Accounting. Prepared by Diane Tanner. University of North Florida. Chapter 44. Causes of Labor Variances. Actual prot (using standard costs): Total varianceSales price variance Actual salesActual selling priceActual salesStandard selling priceunitsunitsSales price varianceSales mix variance Actual total Why estimate genetic variances?. Single factor mating designs. PBG 650 Advanced Plant Breeding. Why estimate genetic variances?. New crop species. ensure adequate genetic variance for selection. determine appropriate type of cultivar. TH. QUARTER. Sell in 4. th. quarter:. 70,000 pants. 25,000 jerseys. 9,000 award jackets. Control inventory. Manage cash. WHAT’S UP?. C&C sold more award jackets than budgeted. Managers thought that would be a good thing.. Performance Evaluation. © 2015 McGraw-Hill Education.. An accounting system that. provides information . . . . Responsibility Accounting. Relating to the. responsibilities of. individual managers.. EMPLOYEE COST. Scope and Objective. (Para-2 of CRA-. 1. ). This standard should be applied to cost statements which require classification, measurement, assignment, presentation and disclosure of Employee cost including those requiring attestation.. L8(2. ): Two Sample Hypothesis Testing . 1. Objective. Understand how . to conduct appropriate . t-tests . for two independent . samples. 2. Two Independent Samples. Numerator of t statistic: . difference of sample means. Cost. Standard Costs. Standards are benchmarks or “norms”. for measuring performance. Two types. of standards are commonly used.. Quantity standards. specify how much of an. input should be used to. Applied Statistics and Probability for Engineers. Sixth Edition. Douglas C. Montgomery George C. . Runger. 2. 10. Statistical Inference for Two Samples. 10-1 Inference on the Difference in Means of Two Normal Distributions, Variances Known. Management. Importance. Estimating costs to compare and select. Methods of Estimating. Managing the Budget. Budget timeline. Budget . variances. Importance of budget planning. Cost is one of the three project constraints.