Standard cost: 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.

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Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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.

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Question

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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.

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Check out a sample textbook solution

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Answer 3

Question

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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

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Answer 4

Question

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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

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Answer 5

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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.

Answer 6

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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.

Answer 7

Chapter 22, Problem 22.5BPE

To determine

Standard cost:

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.

Answer 8

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Answer 9

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Answer 11

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. 3DQ Ch. 22 - The materials cost variance report for Nickols...Ch. 22 - Prob. 5DQ Ch. 22 - Prob. 6DQ Ch. 22 - Prob. 7DQ Ch. 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...

Solution Summary: The author explains that standard cost refers to the practice of replacement of an expected cost for an actual cost.

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