Managerial Accounting, Student Value Edition (5th Edition)

5th Edition

ISBN: 9780134067179

Author: Karen W. Braun, Wendy M. Tietz

Publisher: PEARSON

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…

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Textbook Question

Chapter 11, Problem 11.14SE

Record standard costing transactions (Learning Objective 7)

During the week, the Spartan Restaurant Group’s French fry manufacturing facility incurred 1,500 hours of direct labor. Direct laborers were paid $12.20 per hour. The standard hourly labor rate is $11.80. Standards indicate that for the volume of output actually achieved, the factory should have used 2,200 hours.

Requirements

1. Record the labor transactions using a standard cost accounting system.
2. Are the variances favorable or unfavorable? Explain.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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Chapter 11, Problem 11.13SE

Chapter 11, Problem 11.15SE

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Chapter 11 Solutions

Managerial Accounting, Student Value Edition (5th Edition)

Ch. 11 - (Learning Objective 1) Which of the following is...Ch. 11 - (Learning Objective 2) The direct material price...Ch. 11 - Prob. 3QC Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - (Learning Objective 4) Which of the following is...Ch. 11 - Prob. 7QC Ch. 11 - (Learning Objective 6) Which of the following is...Ch. 11 - Prob. 9QC Ch. 11 - (Learning Objective 7Appendix) Which of the...

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Solution Summary: The author explains how the labor transactions are recorded using a standard cost accounting system.

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