What are the basic objectives in the use of standard costs

Assignment Help Other Subject
Reference no: EM132279057

Question: Answer the following questions-

1. What are the basic objectives in the use of standard costs?

2. What are the two variances between the actual cost and the standard cost for direct materials?

3. The materials cost variance report for Nickols Inc. indicates a large factorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?

4. A new assistant controller recently was heard to remark, "All the assembly workers in this plant are covered by union contracts, so there should be no labor variances." Was the controller's remark correct? Discuss.

5. Would the use of standards be appropriate in a non-manufacturing setting, such as a fast food restaurant?

Reference no: EM132279057

Questions Cloud

What is the price elasticity of demand facing strap-it : a. What is the price elasticity of demand facing Strap-It? b. What is TieDown's cross-price elasticity of demand for Strap-It price changes?
Difference in universalistic and particularistic theories : Explain the difference between universalistic and particularistic theories when it comes to comparative international management.
Why did the fugitive slave act provoke such opposition : What factors do you believe most influenced one's respective position on slavery in the United States in the 19th century and why?
Emic and epic approaches to culture research : Explain the differences between 'emic' and 'epic' approaches to culture research.
What are the basic objectives in the use of standard costs : What are the basic objectives in the use of standard costs? What are the two variances between the actual cost and the standard cost for direct materials?
Song average arc elasticity of demand : What was the song's average arc elasticity of demand? Should Apple raise the price for this download even more? Why or why not?
What are some different types of variances : What are some different types of variances? What does it mean if a variance is favorable? What does it mean if a variance is unfavorable?
Create poster that focuses on body system - Musculoskeletal : Create a 300- to 550-word poster that focuses on body system: Musculoskeletal. Describe the basic structure and function of the body system
Estimate the effects of personal computer : Consider a simple model to estimate the effects of personal computer (PC) ownership on college grade point average for graduating seniors at a university.

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd