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| | | | | Principles of Accounting , 2002 Edition
Belverd E. Needles, Jr., DePaul University
Marian Powers, Northwestern University
Susan Crosson, Santa Fe Community College
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| | Learning Objectives
Chapter 25: Performance Measurement Using Standard Costing
- Define standard costs and describe how managers use standard costs in the management cycle.
- Identify the six elements of, and compute, a standard unit cost.
- Describe how to control costs through variance analysis.
- Compute and analyze direct materials variances.
- Compute and analyze direct labor variances.
- Define and prepare a flexible budget.
- Compute and analyze manufacturing overhead variances.
- Explain how variances are used to evaluate managers’ performance.
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