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Lecture Cost management: A strategic emphasis - Chapter 15: Operational performance measurement: Indirect-cost variances and resource-capacity management

In this chapter, the learning objectives are: Distinguish between the product-costing and control purposes of standard costs for manufacturing (factory) overhead, calculate and properly interpret standard cost variances for overhead using flexible budgets, record overhead costs and associated standard cost variances,. | Operational Performance Measurement: Indirect-Cost Variances and Resource-Capacity Management Chapter Fifteen McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 15-2 Distinguish between the product-costing and control purposes of standard costs for manufacturing (factory) overhead Calculate and properly interpret standard cost variances for overhead using flexible budgets Record overhead costs and associated standard cost variances Apply standard costs to service organizations Learning Objectives 15-3 Learning Objectives (continued) Analyze overhead variances in a traditional activity-based cost (ABC) system Understand decision rules that can be used to guide the variance-investigation decision Formulate the variance-investigation decision under uncertainty (Appendix) 15-4 Variable Overhead Energy costs Indirect materials Indirect labor Equipment repair and maintenance Manufacturing (Factory) Overhead Costs: Examples Fixed Overhead Factory managers’ salaries Plant and equipment depreciation Plant security guards Insurance and property taxes for factory building and equipment 15-5 Standard Variable Overhead Costs: Product Costing vs. Control (Exhibit 15.1) Variable OverheadCost Activity Variable (e.g., DLHs) Product Costing & Cost Control = SQ × SP SQ = Standard allowed DLHs for units produced; SP = Standard variable overhead cost/DLH Variable Overhead Variance Analysis (Exhibit 15.4) 15-6 15-7 Variable Overhead Variance Analysis: Equation Approach 15-8 Variable Overhead Variance Analysis: Equation Approach (continued) 15-9 Variable Overhead Variance Analysis: Example Calculations Schmidt Machinery Co. applies variable factory overhead on the basis of DLHs. Hanson has the following variable factory overhead standard to manufacture one unit of product: 5.0 standard DLHs per unit @ a standard variable overhead rate of $12.00 per DLH In October 2010, 3,510 hours were worked to make 780 units, and $40,630 was spent for | Operational Performance Measurement: Indirect-Cost Variances and Resource-Capacity Management Chapter Fifteen McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 15-2 Distinguish between the product-costing and control purposes of standard costs for manufacturing (factory) overhead Calculate and properly interpret standard cost variances for overhead using flexible budgets Record overhead costs and associated standard cost variances Apply standard costs to service organizations Learning Objectives 15-3 Learning Objectives (continued) Analyze overhead variances in a traditional activity-based cost (ABC) system Understand decision rules that can be used to guide the variance-investigation decision Formulate the variance-investigation decision under uncertainty (Appendix) 15-4 Variable Overhead Energy costs Indirect materials Indirect labor Equipment repair and maintenance Manufacturing (Factory) Overhead Costs: Examples Fixed Overhead Factory .