Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget. The way of determining the standards in the costing system by the D company.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The analysis of standard cost systems begins with the development of standards for direct materials, direct labor, and manufacturing overhead. Discuss standard costs and indicate how they can be used by management in planning and control. Why is it important to consider the relationship among cost, quality, and selling prices when establishing standards for direct materials?

Process costing is an effective method to identify resource and logistics costs. Please respond to the following: Discuss the specific steps you would take to design a process costing system that effectively identifies resource and logistics costs of a manufactured product.

What is the proper order of tasks in an ABC system? a.identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products b.assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools c.identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products d.identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools

Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Answer 6

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Answer 7

Chapter 9, Problem 4ME

To determine

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 9 - Briefly describe the difference between budgetary...Ch. 9 - What are standard costs? When are they set?Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - How do the master budget, flexible budget, and...

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget. The way of determining the standards in the costing system by the D company.

Solution Summary: The author introduces the concept of standard cost system, in which the cost as determined by the managers is being set in the accounting system to control the budget.

Concept explainers

Videos

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.

Want to see the full answer?

Chapter 9 Solutions

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget. The way of determining the standards in the costing system by the D company.

Solution Summary: The author introduces the concept of standard cost system, in which the cost as determined by the managers is being set in the accounting system to control the budget.

Concept explainers

Videos

Concept introduction: Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget. The way of determining the standards in the costing system by the D company.

Want to see the full answer?

Chapter 9 Solutions

Concept introduction:

Standard cost system is the system in which the standard cost as determined by the managers are being set in the accounting system to control the budget.

The way of determining the standards in the costing system by the D company.