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 23, Problem 23.5APE

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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Chapter 23, Problem 23.5APE

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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Chapter 23, Problem 23.5APE

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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Chapter 23, Problem 23.5APE

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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Chapter 23, Problem 23.5APE

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

Chapter 23, Problem 23.5APE

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 9

Chapter 23, Problem 23.5APE

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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Ch. 23 - What are the basic objectives in the use of...Ch. 23 - What is meant by reporting by the principle of...Ch. 23 - What are the two variances between the actual cost...Ch. 23 - The materials cost variance report for Nickols...Ch. 23 - a. What are the two variances between the actual...Ch. 23 - Prob. 6DQ Ch. 23 - Would the use of standards be appropriate in a...Ch. 23 - a. Describe the two variances between the actual...Ch. 23 - If variances are recorded in the accounts at the...Ch. 23 - Briefly explain why firms might use nonfinancial...

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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