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Chap 009

Chap 009

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Published by Maria Vega

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Published by: Maria Vega on Apr 10, 2011
Copyright:Attribution Non-commercial

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05/18/2015

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Chapter 9
Standard Costs
PowerPoint Authors:Jon A. Booker, Ph.D., CPA, CIA Charles W. Caldwell, D.B.A., CMA Susan Coomer Galbreath, Ph.D., CPA 
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin
 
Standard Costs
Standards are benchmarks or “norms” for measuring performance. In managerial accounting,two types of standards are commonly used.
Quantity standards
specify how much of aninputshould be usedtomake a product or provide a service.
Price standards
specify how muchshould be paidfor each unit of theinput.
Examples: Firestone, Sears, McDonald’s, hospitals,construction, and manufacturing companies.
9-2
 
Standard Costs
DirectMaterialDeviations from standards deemed significantare brought to the attention of management, apractice known asmanagement by exception.Type of Product Cost
Amn
DirectLabor ManufacturingOverhead
Standard
9-3

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