Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 22, Problem 22.5APE
To determine
In the accounting records, the term standard cost refers to the practice of replacement of an expected cost for an actual cost. Then the difference between the expected costs, and actual costs showing the variance are also recorded periodically. A standard costs is also known as target cost or predetermined cost.
To journalize: The entry to record the standard direct materials used in production.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Kindly help me with accounting questions
Subject: general accounting
Compute the depreciation expense?
Chapter 22 Solutions
Financial & Managerial Accounting
Ch. 22 - What are the basic objectives in the use of...Ch. 22 - What is meant by reporting by the principle of...Ch. 22 - Prob. 3DQCh. 22 - The materials cost variance report for Nickols...Ch. 22 - Prob. 5DQCh. 22 - Prob. 6DQCh. 22 - Prob. 7DQCh. 22 - A. Describe the two variances between the actual...Ch. 22 - If variances are recorded in the accounts at the...Ch. 22 - Briefly explain why firms might use non financial...
Ch. 22 - Direct materials variances Lo-bed Company produces...Ch. 22 - Direct materials variances Dvorak Company produces...Ch. 22 - Prob. 22.2APECh. 22 - Prob. 22.2BPECh. 22 - Prob. 22.3APECh. 22 - Prob. 22.3BPECh. 22 - Prob. 22.4APECh. 22 - Prob. 22.4BPECh. 22 - Prob. 22.5APECh. 22 - Prob. 22.5BPECh. 22 - Prob. 22.6APECh. 22 - Income statement with variances Prepare a 2016...Ch. 22 - Prob. 22.7APECh. 22 - Prob. 22.7BPECh. 22 - Prob. 22.1EXCh. 22 - Standard product cost Wood You Lie To Me Furniture...Ch. 22 - Budget performance report Genie in a Bottle...Ch. 22 - Direct materials variances The following data...Ch. 22 - Direct materials variances Silicone Engine Inc....Ch. 22 - Standard direct materials cost per unit from...Ch. 22 - Standard product cost, direct materials variance...Ch. 22 - Direct labor variances The following data relate...Ch. 22 - Direct labor variances Greeson Clothes Company...Ch. 22 - Prob. 22.11EXCh. 22 - Direct labor standards for a service company One...Ch. 22 - Direct labor variances for a service company...Ch. 22 - Direct materials and direct labor variances At the...Ch. 22 - Flexible overhead budget Leno Manufacturing...Ch. 22 - Flexible overhead budget Wiki Wiki Company has...Ch. 22 - Factory overhead cost variances The following data...Ch. 22 - Factory overhead cost variances Blumen Textiles...Ch. 22 - Factory overhead variance corrections The data...Ch. 22 - Factory overhead cost variance report Tannin...Ch. 22 - Recording standards in accounts Cioffi...Ch. 22 - Recording standards in accounts "The Assembly...Ch. 22 - Prob. 22.23EXCh. 22 - Nonfinancial performance measures Diamond Inc. is...Ch. 22 - Prob. 22.25EXCh. 22 - Direct materials and direct labor variance...Ch. 22 - Flexible budgeting and variance analysis I Love My...Ch. 22 - Direct materials, direct labor, and factory...Ch. 22 - Factory overhead cost variance report Tiger...Ch. 22 - Standards for nonmanufacturing expenses Code Head...Ch. 22 - Direct materials and direct labor variance...Ch. 22 - Flexible budgeting and variance analysis I'm...Ch. 22 - Direct materials, direct labor, and factory...Ch. 22 - Factory overhead cost variance report Feeling...Ch. 22 - Prob. 22.5BPRCh. 22 - Prob. 1CPPCh. 22 - Ethics in Action Dash Riprock is a cost analyst...Ch. 22 - Prob. 22.2CPCh. 22 - Variance interpretation You have been asked to...Ch. 22 - Variance interpretation Vanadium Audio Inc. is a...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- expert of general accounting answerarrow_forwardPlease solve this problemarrow_forwardGary receives $51,000 worth of Quantro, Inc., common stock from his late grandmother's estate. Early in the year, he receives a $250 cash dividend. Four months later, he received a 2% stock dividend. Near the end of the year, Gary sells the stock for $55,000. Due to these events only, how much must Gary include in his gross income for the year?arrow_forward
- TechTools has a standard of 1.8 pounds of materials per unit, at $3.50 per pound. In producing 2,500 units, TechTools used 4,700 pounds of materials at a total cost of $16,450. TechTools' materials quantity variance is _.helparrow_forward4 POINTSarrow_forwardNeed help this question solutionarrow_forward
- Carter Company disposed of an asset at the end of the eighth year of its estimated life for $16,000 cash. The asset's life was originally estimated to be 10 years. The original cost was $85,000 with an estimated residual value of $8,500. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal? Questionarrow_forwardNeed help with this question solution general accountingarrow_forwardCash and cash equivalents:3200, Accounts receivable:210arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY