State the major advantages of standard cost systems.

Question

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Answer 1

Question

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.

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

1. b

To determine

State the major disadvantages of standard cost systems.

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

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Premier Lighting Co. shows Merchandise Inventory of $35,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $28,000. The adjusting entry to remove the old merchandise inventory balance would be: A)a debit to Income Summary of $28,000 and a credit to Merchandise Inventory for The adjusting entry to remove the old merchandise inventory balance would be:

Answer 2

Question

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.

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

1. b

To determine

State the major disadvantages of standard cost systems.

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Expert Solution & Answer

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Answer 3

Question

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.

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

1. b

To determine

State the major disadvantages of standard cost systems.

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Expert Solution & Answer

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Answer 4

Question

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.

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

1. b

To determine

State the major disadvantages of standard cost systems.

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Expert Solution & Answer

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Answer 5

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

1. b

To determine

State the major disadvantages of standard cost systems.

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Answer 6

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

Answer 7

Chapter 14, Problem 47P

1. a

To determine

State the major advantages of standard cost systems.

Answer 8

1. b

To determine

State the major disadvantages of standard cost systems.

Answer 9

1. b

To determine

State the major disadvantages of standard cost systems.

Answer 10

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

Answer 11

2.

To determine

Find out the participants in setting standards and explain the benefits of their participation.

Answer 12

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

Answer 13

3.

To determine

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

Answer 14

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Answer 15

4.

To determine

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 14 - Prob. 1Q Ch. 14 - Explain how standard costs and flexible budgets...Ch. 14 - Explain what is meant by the term management by...Ch. 14 - Prob. 4Q Ch. 14 - Prob. 5Q Ch. 14 - Prob. 6Q Ch. 14 - Prob. 7Q Ch. 14 - Prob. 8Q Ch. 14 - Prob. 9Q Ch. 14 - Prob. 10Q

State the major advantages of standard cost systems.

State the major advantages of standard cost systems.

State the major disadvantages of standard cost systems.

Find out the participants in setting standards and explain the benefits of their participation.

Describe the general features and characteristics related with the implementation and operation of a standard cost system that make it an effective tool for cost control.

State the consequences if the CEO, Person J has an outside consulting firm set Incorporation M’s standards.

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Chapter 14 Solutions