4 - Standard Costing

Cornerstones of cost
management, 4e
Chapter 9
Standard Costing: A Functional-
Based Control Approach
© 2019 Cengage. All rights reserved.

Learning Objectives
1. Describe how unit input standards are developed, and explain why
standard costing systems are adopted
2. Explain the purpose of a standard cost sheet
3. Compute and journalize the direct materials and direct labor variances,
and explain how they are used for control
4. Compute overhead variances three different ways, and explain overhead
accounting
5. Calculate mix and yield variances for direct materials and direct labor
Introduction to Cost
© 2019 management
Cengage. All rights reserved.
EXHIBIT 9.1 - Cost Assignment
Approaches
Manufacturing Manufacturing Manufacturing

Costs: Direct Costs: Direct Costs: Overhead
Materials Labor
Actual costing Actual Actual Actual
system
Normal costing Actual Actual Budgeted
system
Standard costing Standard Standard Standard
system

Standards
• Sources of quantitative standards
– Historical experience
– Engineering studies
– Input from operating personnel
• Price standards are the joint responsibility of operations, purchasing,
personnel, and accounting
– Choices are limited by market forces, trade unions, and other external forces
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Classification of Standards
• Ideal standards
– Demand maximum efficiency
– Achieved only if everything operates perfectly
• Currently attainable standards
– Can be achieved under efficient operating conditions
– Allowance is made for normal breakdowns, interruptions, and less than perfect
skill
© 2019 management
Price and Quantity Standards and unit standard Cost
• Price standards: Specify how much should be paid for the quantity of the
input to be used
• Quantity standards: Specify how much of the input should be used per
unit of output
• Unit standard cost: Product of standard price (SP) and standard quantity
(SQ)
© 2019 management
Standards and activity-based costing
• Activity cost is determined by the amount of resources consumed by each

activity
– Standard consumption patterns are identified based on historical experience
– Use standards for control
– Activities are classified as either value-added or non-value-added
• Purpose of standards
– To facilitate cost assignments
© 2019 management
Reasons for Adopting Standard Costing Systems
• Cost management
• Planning and control
• Decision making and product costing
© 2019 management
EXHIBIT 9.2 - Standard Cost Sheet for
Deluxe Strawberry Frozen Yogurt
Description Standard Price Standard Usage Standard Cost Subtotal
Direct materials:
Yogurt $ 0.04 × 25 oz. = $1.00
Strawberries 0.02 × 10 oz. = 0.20
Milk 0.03 × 8 oz. = 0.24
Cream 0.05 × 4 oz. = 0.20
Gelatin 0.02 × 1 oz. = 0.02
Container 0.06 × 1 = 0.06
Total direct materials $1.72
Direct labor:
Machine operators 16.00 × 0.01 hr. = $0.16
Total direct labor 0.16
Overhead:
Variable overhead 12.00 × 0.01 hr. = $0.12
Fixed overhead 40.00 × 0.01 hr. = 0.40
Total overhead 0.52
Total standard unit cost $2.40

Standard Costing systems
• Standard costs are developed for direct materials, direct labor, and
overhead used in producing a product or service
• Total of standard costs yields the standard cost per unit
– Standard cost sheet: Provides the detail underlying the standard unit cost
© 2019 management
Purpose of a Standard Cost Sheet
• Reveals the quantity of each input that should be used to produce one unit
of output
– Unit quantity standards can be used to compute the total amount of inputs
allowed for the actual output
 Helps in the computation of standard quantity of materials allowed (SQ) and
the standard hours allowed (SH) for the actual output
© 2019 management
Total Budget Variance
• Difference between the actual cost of the input and its standard cost
– Total budget variance = (AP × AQ) – (SP × SQ)
 AP = Actual price per unit
 AQ = Actual quantity of direct material used in production
 SP = Standard price per unit
© 2019 management
Components of total Budget Variance
• Price (rate) variance

– Difference between the actual and standard unit prices of an input multiplied
by the actual quantity of input
• Usage (efficiency) variance
– Difference between the actual and standard quantity of input multiplied by the
standard unit price of the input
© 2019 management
Favorable and Unfavorable Variance
• Favorable (F) variance: Occurs whenever actual prices or usage of inputs

are lesser than standard prices or usage
• Unfavorable (U) variance: Occurs whenever actual prices or usage of
inputs are greater than standard prices or usage
© 2019 management
Direct materials price variance (MPV)
• MPV = (AP × AQ) – (SP × AQ) or

• MPV = (AP – SP)AQ
– MPV is unfavorable if the actual price is greater than the standard price
– MPV is favorable if the actual price is less than the standard
• Computed at one of two points:
– When the direct materials are issued for use in production
– When they are purchased
© 2019 management
Direct Materials Usage Variance (MUV)
• MUV = (SP × AQ) – (SP × SQ) or

• MUV = (AQ – SQ)SP
– If the actual quantity is greater than the standard quantity, the MUV is
unfavorable
– If the actual quantity is less than the standard, the MUV is favorable
• Should be computed as direct materials are issued for production
– Companies use standard bill of materials, color-coded excessive usage
forms, and color-coded returned-materials forms to facilitate the process
© 2019 management
Direct Materials Price and Materials Usage Variances –
Example (1 of 5)
• Helado Company provided the following information for the production of
deluxe strawberry frozen yogurt during the month of April:
– Actual production: 30,000 quarts
– Actual yogurt usage: 745,000 ounces (no beginning or ending yogurt
inventory)
– Actual price paid per ounce of yogurt: $0.05
 Unit quantity standard: 25 ounces of yogurt per quart
 Standard price of yogurt: $0.04 per ounce
 Direct labor standard: 0.01 direct labor hour per quart
© 2019 management
Example (2 of 5)
• Calculate the ounces of yogurt that should have been used (SQ) for the
actual production of frozen yogurt for the month of April
• Calculate MPV and MUV for April using the formula approach and the
graphical approach
• Calculate the total direct materials variance for yogurt for April
© 2019 management
Example (3 of 5)
• Solution
– SQ = Unit quantity standard × Actual output
= 25 × 30,000 = 750,000 ounces
– Materials price variance (MPV)
= (AP − SP)AQ = ($0.05 − $0.04)745,000
= $0.01 × 745,000 = $7,450 U
– Materials usage variance (MUV)
= (AQ − SQ)SP = (745,000 − 750,000)$0.04
= (5,000 × $0.04) = $200 F
© 2019 management
Direct Materials Price and Materials
Usage Variances – Example (4 of 5)

Example (5 of 5)
• Total direct materials variance
= (AP × AQ) − (SP × SQ) = MPV + MUV
= ($0.05 × 745,000) − ($0.04 × 750,000)
= $37,250 − $30,000
= $7,250 U
© 2019 management
Standard Bill of Materials
• Identifies the quantity of direct materials that should be
used to produce a predetermined quantity of output
• Acts as a materials requisition form
• Product: Quarts of Deluxe Strawberry Frozen Yogurt
• Output: 30,000 Quarts
Direct Material Unit Standard Total Requirements

Yogurt 25 oz. 750,000 oz.
Strawberries 10 oz. 300,000 oz.
Milk 8 oz. 240,000 oz.
Cream 4 oz. 120,000 oz.
Gelatin 1 oz. 30,000 oz.
Container 1 container 30,000 containers

Accounting for Direct Materials Price and Usage Variances
(1 of 3)
• All inventories are carried at standard
– Direct materials price variance is computed at the point of purchase
• Rules for recording variances
– Unfavorable variances are always debits
– Favorable variances are always credits
© 2019 management
Accounting for Direct Materials Price
and Usage Variances (2 of 3)
• Journal entry associated with the purchase of direct
materials
– Assumptions
 Unfavorable MPV
 AQ is defined as direct materials purchased
Debit Credit
Materials (SP × AQ)
Direct Materials Price Variance (AP – SP)AQ
Accounts Payable (AP × AQ)

Accounting for Direct Materials Price
and Usage Variances (3 of 3)
• Journal entry to record the issuance and usage of
direct materials
– Assumption - Unfavorable MUV
Debit Credit
Work in Process (SP × SQ)
Direct Materials Usage Variance (AQ – SQ)SP
Materials (SP × AQ)

Direct labor rate variance (LRV) and Direct Labor
Efficiency Variance (LEV)
• LRV = (AR × AH) – (SR × AH) or (AR – SR)AH
– AR = Actual hourly wage rate
– SR = Standard hourly wage rate
– AH = Actual direct labor hours used
• LEV = (AH × SR) – (SH × SR) or (AH – SH)SR
– AH = Actual direct labor hours used
– SH = Standard direct labor hours that should have been used
– SR = Standard hourly wage rate
© 2019 management
Direct Labor Rate and Efficiency Variances – Example (1
of 4)
• Helado Company provided the following information for the production of
deluxe strawberry frozen yogurt during the month of April:
– Actual production: 30,000 quarts
– Actual direct labor hours worked: 325 hours
– Actual rate paid per hour to direct labor: $15.90
• Calculate the direct labor hours that should have been worked (SH) for the
actual production of frozen yogurt for the month of April
© 2019 management
of 4)
• Calculate LRV and LEV for April using the formula and graphical
approaches
• Calculate the total direct labor variance for yogurt for April
• Solution
– SH = Unit quantity standard × Actual output
= 0.01 × 30,000
= 300 hours
© 2019 management
of 4)
– Labor rate variance (LRV) = (AR − SR)AH
= ($15.90 − $16.00)325
= $0.10 × 325 = $32.50 F
– Labor efficiency variance (LEV) = (AH – SH)SR
= (325 − 300)$16.00
= (25 × $16.00) = $400 U
– Total direct labor variance = (AR × AH) – (SR×SH) = LRV + LEV
= ($15.90 × 325) – ($16.00 × 300)
= $5,167.50 − $4,800 = $367.50 U
© 2019 management
Direct Labor Rate and Efficiency
Variances – Example (4 of 4)

Accounting for Direct Labor Rate and
Efficiency Variances
• Assumptions
– Favorable direct labor rate variance
– Unfavorable direct labor efficiency variance
Debit Credit
Work in Process (SH × SR)
Direct Labor Efficiency Variance (AH – SH)SR
Direct Labor Rate Variance (AR − SR)AH
Wages Payable AH × AR

Establishing Acceptable Range of Performance
• Acceptable range is the standard set by the management, plus or minus
one allowable deviation
• Control limits: Top and bottom measures of the allowable range
– Upper control limit - Standard plus the allowable deviation
– Lower control limit - Standard minus the allowable deviation
– Set based on past experience, intuition, and judgment
© 2019 management
Responsibility for the Direct Materials Variances (1 of 2)
• Price variance can be influenced by quality, quantity discounts, and

distance of the source from the plant
– Factors are under the control of the purchasing agent
• Production manager is responsible for direct materials usage
– Standard can be met by minimizing scrap, waste, and rework
© 2019 management
Responsibility for the Direct Materials Variances (2 of 2)
• Limitations in using price variance to evaluate performance of purchasing

– Emphasis on meeting or beating the standard can produce undesirable
outcomes
– Applying the usage variance to evaluate performance can lead to undesirable
behavior
© 2019 management
Responsibility for the Direct Labor Variances
• Direct labor rate variances occur when:

– An average wage rate is used for the rate standard
– More skilled and more highly paid laborers are used for less skilled tasks
• Use of direct labor is controllable by the production manager
© 2019 management
Disposition of Direct Materials and Direct Labor Variances
• Immaterial variances are assigned to Cost of Goods Sold

– Cost of Goods Sold must be increased at the end of the year to reflect the
higher actual cost for unfavorable variances
• Materials variances are prorated among Work in Process, Finished Goods,
and Cost of Goods Sold
– Direct materials and direct labor variances can be assigned in proportion to
the total prime costs in each of the inventory accounts
© 2019 management
Four-Variance Method for Calculating Overhead Variances
• Calculates two variances for variable overhead and two variances for fixed
overhead
• Total variable overhead variance is divided into:
– Variable overhead spending variance
– Variable overhead efficiency variance
• Total fixed overhead variance is divided into:
– Fixed overhead spending variance
– Fixed overhead volume variance
© 2019 management
Variable Overhead Spending Variance and Variable
Overhead Efficiency Variance
• Variable overhead spending variance
= (AVOR × AH) – (SVOR × AH)
=(AVOR – SVOR)AH
– Variable overhead changes in proportion to changes in the direct labor hours
used
– AVOR = Actual variable overhead rate
– SVOR = Standard variable overhead rate
• Variable overhead efficiency variance
= (SVOR × AH) – (SVOR × SH)
= (AH – SH)SVOR
© 2019 management
Variable Overhead Spending and
efficiency Variances – Example (1 of 4)
• Helado Company provided the following information

for the month of May:
Variable overhead rate (standard) $12.00 per direct labor houra

Actual variable overhead costs $16,120
Actual hours worked 1,300
Quarts of deluxe strawberry frozen 120,000
yogurt produced
Hours allowed for actual production 1,200b
Applied variable overhead $14,400c

Variable Overhead Spending and efficiency Variances – Example
(2 of 4)
• Calculate the variable overhead spending variance using the formula
approach
• Calculate the variable overhead efficiency variance using the formula
approach
• Calculate the variable overhead spending variance and variable overhead
efficiency variance using the three-pronged graphical approach
© 2019 management
Variable Overhead Spending and efficiency Variances – Example (3
of 4)
• Solution:
– Variable overhead spending variance = (AVOR – SVOR)AH
=[($16,120/1,300) – $12]1,300
=($12.40 − $12)×1,300 = $520 U
– Variable overhead efficiency variance = (AH – SH)SVOR
= (1,300 – 1,200)$12 = $1,200 U
© 2019 management
Variable Overhead Spending and
efficiency Variances – Example (4 of 4)

Interpreting Variable Overhead Variances
• Variable overhead spending variance

– Affected by price changes and how efficiently an overhead is used
– Variable overhead items are affected by several responsibility centers
 Assigning the cost to a specific area of responsibility requires that cost be traced
to the area
• Variable overhead efficiency variance
– If variable overhead is driven by direct labor hours, the variance is caused by
efficient or inefficient use of direct labor
© 2019 management
Exhibit 9.4 - Variable Overhead
Spending Variance by Item
Helado Company Performance Report For the Month Ended
May 31, 2013
Cost Actual Costs Budgetb Spending

Formulaa Variance
Natural gas $ 7.60 $ 9,640 $ 9,880 $240 F
Electricity 4.00 5,850 5,200 650 U
Water 0.40 630 520 110 U
Total $12.00 $16,120 $15,600 $520 U
a
Per direct labor hour.
b
The budget allowance is computed using the cost formula and 1,300
actual direct labor hours.

Exhibit 9.5 - Variable Overhead Spending
and Efficiency Variances by Item
Helado Company Performance Report For the Month Ended
May 31, 2013
Cost Actual Budgetb Spending Budget for Efficiency
Formulaa Costs Variance Standard Variance
Hoursc
Natural gas $ 7.60 $ 9,640 $ 9,880 $240 F $ 9,120 $ 760 U
Electricity 4.00 5,850 5,200 650 U 4,800 400 U
Water 0.40 630 520 110 U 480 40 U
Total $12.00 $16,120 $15,600 $520 U $14,400 $1,200 U
a
Per direct labor hour.
b
The budget allowance is computed using the cost formula and 1,300
actual direct labor hours.
c
Standard hours for actual production equal 1,200 (0.01 hours × 120,000
quarts).

Fixed Overhead Spending Variance (FOSV)
• FOSV = AFOH − BFOH

– AFOH = Actual fixed overhead
– BFOH = Budgeted fixed overhead
• If less is spent on fixed overhead items than was budgeted, the spending
variance is favorable and vice versa
© 2019 management
Fixed Overhead Volume Variance
• Volume variance = Budgeted fixed overhead – Applied fixed overhead

• If actual production is less than budgeted production, the volume variance
will be unfavorable and vice versa
© 2019 management
Fixed Overhead spending and Volume
• Helado Company provided the following information for
the month of May:
Budgeted/planned items for May:
Budgeted fixed overhead $40,000
Expected production in quarts of frozen yogurt 100,000
Expected activity in direct labor hours (0.01 × 100,000) 1,000 direct labor hours
Standard fixed overhead rate ($40,000/1,000) $40 per direct labor hour
Actual results for May:
Actual production of yogurt in quarts 120,000
Actual fixed overhead cost $40,500
Standard hours allowed for actual production (0.01 × 1,200 direct labor hours
120,000)

Fixed Overhead spending and Volume Variances –
Example (2 of 4)
• Calculate the fixed overhead spending variance using the formula
approach
• Calculate the volume variance using the formula approach
• Calculate the fixed overhead spending variance and volume variance using
the three-pronged graphical approach
© 2019 management
Fixed Overhead spending and Volume Variances –
Example (3 of 4)
• Solution:
– Fixed overhead spending variance
= Actual fixed overhead − Budgeted fixed overhead = $40,500 − $40,000 =
$500 U
– Volume variance
= Budgeted fixed overhead − Applied fixed overhead
= Budgeted fixed overhead – (Fixed overhead rate × SH) = $40,000 – ($40 ×
1,200) = $8,000 F
© 2019 management
Fixed Overhead spending and Volume

Interpreting Fixed Overhead Variances
• Fixed overhead spending variance

– Budget variance is usually small
 Many fixed overhead costs are affected primarily by long-run decisions and not by
changes in production levels
• Fixed overhead volume variance
– Measure of planned utilization of capacity if the budgeted volume is the
amount that management believed could be produced and sold
 Volume variance is a direct measure of capacity utilization if practical capacity is
used as the budgeted volume
© 2019 management
Exhibit 9.6 - Fixed Overhead
Spending Variance by Item
Helado Company Performance Report For the Month
Ended May 31, 2013
Actual Costs Budgeted Cost Spending Variance

Depreciation $10,000 $10,000 $0
Salaries 26,300 25,800 500 U
Taxes 2,200 1,200 1,000 U
Insurance 2,000 3,000 1,000 F
Total $40,500 $40,000 $ 500 U

Accounting for Overhead Variances (1 of 3)
• Applying overhead to production

– Work in Process is accumulated on the debit side
– Variance and fixed overhead control accounts are accumulated on the credit
side
• Recognizing the incurrence of actual overhead
– Variable and fixed overhead control accounts are debited
– Value of various accounts is credited
© 2019 management
• Recognizing variances
– Fixed overhead control account, fixed overhead spending variance account,
and variable overhead spending and efficiency variance accounts are debited
– Variable overhead control account and fixed overhead volume variance
account are credited
© 2019 management
• Overhead variance reports are prepared periodically

• Closing the variances to cost of goods sold
– Fixed overhead volume variance account is debited and cost of goods sold is
credited
– Another entry is made to debit cost of goods sold and credit variable overhead
spending and efficiency variance accounts and fixed overhead spending
variance account
© 2019 management
Exhibit 9.7 - Two-Variance Analysis:
Helado Company

Exhibit 9.8 - Three-Variance Analysis:
Helado Company

Mix and Yield Variances: Materials and Labor
• Mix variance: Created whenever the actual mix of inputs differs from the
standard mix
• Yield variance: Occurs whenever the actual yield (output) differs from the
standard yield
© 2019 management
Direct Materials Mix Variance
• SM - Quantity of each input that should have been

used given the total actual input quantity
– SM = Standard mix proportion × Total actual input
quantity
• If relatively more of a more expensive input is used, the
mix variance will be unfavorable and vice versa
Mix variance   AQi  SMiSPi
© 2019 management
Direct Materials Yield Variance
• Yield variance = (Standard yield – Actual yield)SPy

– Standard yield = Yield ratio × Total actual inputs
– Yield ratio = Total output ÷ Total input
– SPy = Standard cost of the yield (equal to total cost of a standard batch
divided by the amount of the yield)
© 2019 management
© 2019 management
Direct Labor Mix and Yield Variances (1 of 2)
Direct Labor Type Mix Mix Proportion SP Standard Cost
Shelling 3 hrs. 0.60 $ 8.00 $24
Mixing 2 0.40 15.00 30
Total 5 hrs. $54
Yield 120 lbs.
• Yield ratio: 24 = (120/5), or 2,400%

• Standard cost of the yield (SPy): $0.45 per pound ($54/120 pounds of
yield)
• Suppose that Malcom processes 1,600 pounds of nuts and produces
the following actual results:
Direct Labor Type Actual Mix Percentages*
Shelling 20 hrs. 40.0%
Mixing 30 60.0
Total 50 hrs. 100.0%
Yield 1,300 lbs. 2,600.0%

Direct Labor Mix and Yield Variances
(2 of 2)
• Direct labor mix variance
– SM (shelling) = 0.60 × 50 = 30 hours
– SM (mixing labor) = 0.40 × 50 = 20 hours
Direct Labor Type AH SM AH-SM SP (AH-SM)SP

Shelling 20 30 (10) $8.00 $(80)
Mixing 30 20 10 15.00 150
Direct labor mix $(70) U
variance
• Direct labor yield variance

=(Standard yield − Actual yield)SPy
=[(24 × 50) − 1,300]$0.45 = (1,200 − 1,300)$0.45
=$45 F
Exercise 8.9 and 8.11 (Material Mix and Yield)
Mangia Pizza Company makes frozen pizzas that are sold through grocery stores.
Mangia developed the following standard mix for spreading on premade pizza shells
to produce 16 giant-size sausage pizzas.
Direct Material Mix Mix proportion SP Standard cost
Tomato Sauce 13 lbs 0.325 P1.40 P18.20
Cheese 15 0.375 P2.80 42.00
Sausage 12 0.300 P2.10 25.20
40 lbs
Mangia put a batch of 2,000 pounds of direct materials (enough for 800 frozen
sausage pizzas) into process. Of the total, 700 pounds were tomato sauce, 840
pounds were cheese, and the remaining 460 pounds were sausage. The actual yield
was 780 pizzas.
© 2019 management
© 2019 management
© 2019 management
© 2019 management
Exercise 8.19 (Labor Mix and Yield)
Delano Company uses two types of direct labor for the manufacturing of its products:
fabrication and assembly. Delano has developed the following standard mix for direct
labor, where output is measured in number of circuit boards
Direct Labor Mix SP Standard cost
Fabricating 2 hrs P20 P40
Assembly 3 12 36
Total 5 hrs P76
Yield 25 units
During the second week of April, Delano produced the following results:
Direct Labor Actual Mix
Fabricating 20,000 hrs
Assembly 45,000 hrs
Total 65,000 hrs
Yield 320,000 units
© 2019 management
© 2019 management
© 2019 management
© 2019 management

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Cornerstones of cost

© 2019 Cengage. All rights reserved.

Manufacturing Manufacturing Manufacturing

© 2019 Cengage. All rights reserved.

• Activity cost is determined by the amount of resources consumed by each

© 2019 Cengage. All rights reserved.

• Price (rate) variance

• Favorable (F) variance: Occurs whenever actual prices or usage of inputs

• MPV = (AP × AQ) – (SP × AQ) or

• MUV = (SP × AQ) – (SP × SQ) or

© 2019 Cengage. All rights reserved.

Direct Material Unit Standard Total Requirements

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

• Price variance can be influenced by quality, quantity discounts, and

• Limitations in using price variance to evaluate performance of purchasing

• Direct labor rate variances occur when:

• Immaterial variances are assigned to Cost of Goods Sold

• Helado Company provided the following information

Variable overhead rate (standard) $12.00 per direct labor houra

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

• Variable overhead spending variance

Cost Actual Costs Budgetb Spending

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

• FOSV = AFOH − BFOH

• Volume variance = Budgeted fixed overhead – Applied fixed overhead

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

• Fixed overhead spending variance

Actual Costs Budgeted Cost Spending Variance

© 2019 Cengage. All rights reserved.

• Applying overhead to production

• Overhead variance reports are prepared periodically

© 2019 Cengage. All rights reserved.

© 2019 Cengage. All rights reserved.

• SM - Quantity of each input that should have been

Mix variance   AQi  SMiSPi

• Yield variance = (Standard yield – Actual yield)SPy

• Yield ratio: 24 = (120/5), or 2,400%

© 2019 Cengage. All rights reserved.

Direct Labor Type AH SM AH-SM SP (AH-SM)SP

• Direct labor yield variance

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