Sm Ch 24

CHAPTER 24
STANDARD COST SYSTEMS
OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS, AND CRITICAL
THINKING CASES
Brief
Exercises
B. Ex. 24.1
B. Ex. 24.2
B. Ex. 24.3
B. Ex. 24.4
B. Ex. 24.5

Topic
Variances and normal capacity
Standard cost applied to production
Expected volume variance
Volume and spending variances
Normal vs. ideal standard costs

Learning
Objectives
Skills
24-1, 24-2, 24-5 Analysis, judgment
24-3
Analysis
24-4
Analysis
24-4, 24-5 Analysis
24-2, 24-5 Analysis, communication, judgment B. Ex. 24.6
B. Ex. 24.7
B. Ex. 24.8
B. Ex. 24.9
B. Ex. 24.10

Computing labor cost variances
Journal entry for direct labor
Computing materials cost variances
Journal entry for direct materials
Overhead cost variances

24-1, 24-3, 24-5 Analysis, judgment
24-3
Analysis
24-3
Analysis
24-3
Analysis
24-4
Analysis, communication

Exercises
24.1
24.2
24.3
24.4
24.5
24.6

Learning
Topic
Objectives
Skills
Accounting terminology
24-1–24-5 Analysis
Relationships among standard costs, actual 24-3, 24-4 Analysis costs, and cost variances
Understanding materials cost variances
24-3, 24-5 Analysis, judgment
Computing materials cost variances and
24-3–24-5 Analysis, judgment volume variance
Manufacturing overhead variances
24-4, 24-5 Analysis, judgment
Computing labor cost variances
24-1, 24-3, Analysis, communication,
24-5
judgment

24.7
24.8

Elements of materials cost variances
Interpreting variances

24-3
24-5

24.9
24.10
24.11
24.12

Computing overhead cost variances
Overhead journal entries
Overhead cost variances
Understanding overhead variances

24-4
24-4
24-4, 24-5
24-4

24.13
24.14

Computing materials and labor variances
Causes of cost variances

24.15

Real World: Standards for Home Depot

24-3
24-1, 24-3,
24-5
24-1, 24-5

Analysis
Analysis, communication, judgment Analysis
Analysis
Analysis
Analysis, communication, judgment Analysis
Analysis, communication, judgment Analysis, communication, judgment, research

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