Explain purpose of standard costs use for manufacturing cost

Reference no: EM133723355

Discussion Post: Accounting Evaluating Variance from Standard Costs

Evaluating Variance from Standard Costs

Learning Outcomes

I. Describe the purpose of standard costs used for manufacturing costs.
II. Analyze the direct materials price and quantity variances and explain their significance.
III. Appraise the direct labor rate and efficiency variances and explain their significance.
IV. Evaluate the variable manufacturing overhead rate and efficiency variances and explain their significance.

Task

Discuss the importance of evaluating variances from standard costs in managerial accounting. What are some reasons for variances, and how can they be addressed?

Reference no: EM133723355

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