In the following list, identify whether the situation would indicate that a company should use standard costs
Question:
Transcribed Image Text:
Move away from standard costs Use standard costs Situation 1. Would like to simplify the bookkeeping process 2. Would like to use operational performance measures and visual management cues 3. Would like to facilitate the budgeting process 4. There has been an increase in automation in the manufacturing process and a corresponding decrease in direct labor 5. Will be implementing lean practices throughout the organization 6. Need timely reports about production results 7. Would like to increase employee motivation levels 8. Want benchmarks by which to judge actual costs
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
Situation Use standard costs ...View the full answer
Answered By
Sarah Khan
My core expertise are:
-_ Finance
-_ Business
-_ Management
-_ Marketing Management
-_ Financial Management
-_ Corporate Finance
-_ HRM etc...
I have 7+ years of experience as an online tutor. I have hands-on experience in handling:
-_ Academic Papers
-_ Research Paper
-_ Dissertation Paper
-_ Case study analysis
-_ Research Proposals
-_ Business Plan
-_ Complexed financial calculations in excel
-_ Home Work Assistance
-_ PPT
-_ Thesis Paper
-_ Capstone Papers
-_ Essay Writing etc...
5.00+
91+ Reviews
92+ Question Solved
Related Book For
Question Posted:
Students also viewed these Financial Accounting questions
-
Indicate whether the industries in the following list should be classified as cyclical, defensive, or neither. As you make your classifications, consider the reasons you would make suchdesignations....
-
A company should use an accelerated depreciation method because of the large decline in the value of an asset early in its life. Evaluate this statement.
-
The cost categories in the following list are typical of many manufacturing operations: a. Direct materials: (1) Sheet steel (2) Iron castings b. Assembly parts: (1) Part 24 (2) Part 15 c. Direct...
-
In April 1999, one of Capital Blue Cross' health-care insurance plans had been in the field for three years, but hadn't performed as well as expected. The ratio of premiums to claims payments wasn't...
-
A certain sprinter has a top speed of 11.0 m/s. If the sprinter starts from rest and accelerates at a constant rate, he is able to reach his top speed in a distance of 12.0 m. He is then able to...
-
On October 1, Lance's Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $350 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at...
-
Discuss the importance of communication in managing a technology change. What roadblocks might an organization face if it fails to create a good communication plan?
-
What four statements are contained in most annual reports?
-
1. Advocate Aurora Sheboygan Memorial Hospital health care product or service to be marketed in your community. 2. Conduct appropriate market research in your community to determine the demographics...
-
Agopian Enterprises is owned by Edmund Agopian and has a January 31 fiscal year end. The company prepares adjusting entries on an annual basis. The following trial balance was prepared before...
-
The Green Gnome Company manufactures lawn and garden concrete and resin statues. It uses a standard costing system for its products. Managers and production personnel are paid bonuses based on...
-
Shepard Industries produced 4,000 tables last month. The standard variable manufacturing overhead (MOH) rate used by the company is $24 per machine hour. Each table requires 0.3 machine hours. Actual...
-
Ebbers Corporation overstated its ending inventory balance by $15,000 in 2015. What impact will this error have on cost of goods sold and gross profit in 2015 and 2016?
-
Some say that for managers, hard skills (technical and business skills) are more important than soft skills (interpersonal skills and conceptual and design skills). What do you think, and why?
-
In any city at any time, some of the stock of usable office space is vacant. This vacant office space is unemployed capital. How would you explain this phenomenon? In particular, which approach to...
-
How would you motivate people in your organization to practice sustainability? Be specific with the managerial tools that you would use.
-
Are there any situations in which you might design a job using the JCM and yet the job would still not be motivational? What circumstances might cause this to happen?
-
Can you identify one case where you think the government (state or federal) is the most important stakeholder of a firm? (Do not use the government as a customer but as another external stakeholder.)...
-
Basic Company owns 40 percent of the voting stock of Oslo Company. The investment account for this company on Basics balance sheet had a balance of $600,000 on January 1, 2010. During 2010, the Oslo...
-
Fahrad Inc. sells all of its product on account. Fahrad has the following accounts receivable payment experience: Percent paid in the month of sale .........10 Percent paid in the month after the...
-
Is it possible for cost-such as salaries or depreciation to end up as assets on the balance sheet? Explain.
-
Is it possible for cost-such as salaries or depreciation to end up as assets on the balance sheet? Explain.
-
What is meant by the term cost behavior?
-
A company is looking at new equipment with an installed cost of $415,329. This cost will be depreciated straight-line to zero over the project's 5-year life, at the end of which the equipment can be...
-
4) Suppose that you are given the following information for BlackBerry's common stock: Year 2017 2018 2019 2020 2021 Price ($) 26.0 28.6 26.3 30.5 31.1 What is the arithmetic mean of the rate of...
-
1. Introduce and explain the Fashion Minimalism , how it came to be, e.g.: origins/inception. 2. Identify what the Fashion Minimalism and how it encompasses sustainability in the fashion industry. 3....
Study smarter with the SolutionInn App