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CHAPTER7FlexibleBudgets,Direct-CostVariances,andManagementControlChapter7learningobjectivesUnderstandstaticbudgetsandstatic-budgetvariancesExaminetheconceptofaflexiblebudgetandlearnhowtodevelopitCalculateflexible-budgetvariancesandsales-volumevariancesExplainwhystandardcostsareoftenusedinvarianceanalysisCopyright©2015PearsonEducation7-2Chapter7learningobjectives,concludedComputepricevariancesandefficiencyvariancesfordirect-costcategories.UnderstandhowmanagersusevariancesDescribebenchmarkingandexplainitsroleincostmanagementCopyright©2015PearsonEducation7-3BasicConceptsVariance—differencebetweenactualresultsandexpected(budgeted)performance.Managementbyexception—thepracticeoffocusingattentiononareasnotoperatingasexpected(budgeted).Static(master)budgetisbasedontheoutputplannedatthestartofthebudgetperiod.Copyright©2015PearsonEducation7-4BasicConceptsStatic-budgetvariance—thedifferencebetweentheactualresultandthecorrespondingstaticbudgetamountFavorablevariance(F)—hastheeffectofincreasingoperatingincomerelativetothebudgetamountUnfavorablevariance(U)—hastheeffectofdecreasingoperatingincomerelativetothebudgetamountCopyright©2015PearsonEducation7-5VariancesVariancesmaystartout“atthetop”withaLevel0analysis.Thisisthehighestlevelofanalysis,asuper-macroviewofoperatingresults.TheLevel0analysisisnothingmorethanthedifferencebetweenactualandstatic-budgetoperatingincome.Copyright©2015PearsonEducation7-6VariancesFurtheranalysisdecomposes(breaksdown)theLevel0analysisintoprogressivelysmallerandsmallercomponents.Answers:“Howmuchwereweoff?”Levels1,2,and3examinetheLevel0varianceintoprogressivelymore-detailedlevelsofanalysis.Answers:“Whereandwhywereweoff?”Copyright©2015PearsonEducation7-7EvaluationLevel0tellstheuserverylittleotherthanhowmuchoperatingincomewasofffrombudget.Level0answersthequestion:“Howmuchwereweoffintotal?”Level1givestheuseralittlemoreinformation:itshowswhichline-itemsledtothetotalLevel0variance.Level1answersthequestion:“Wherewereweoff?”Copyright©2015PearsonEducation7-8Level1Analysis,IllustratedCopyright©2015PearsonEducation7-9FlexibleBudgetFlexiblebudget—shiftsbudgetedrevenuesandcostsupanddownbasedonactualoperatingresults(activities)RepresentsablendingofactualactivitiesandbudgeteddollaramountsWillallowforpreparationofLevel2and3variancesAnswersthequestion:“Whywereweoff?”Copyright©2015PearsonEducation7-10Level2Analysis,IllustratedCopyright©2015PearsonEducation7-11LEVEL2VARIANCES,ANALYSISSomepossiblereasonswemightincuranunfavorableSales-VolumeVarianceinclude:FailuretoexecutethesalesplanWeakerthananticipateddemandAggressivecompetitorstakingmarketshareUnanticipatedmarketpreferenceawayfromtheproductQualityproblemsCopyright©2015PearsonEducation7-12Level3VariancesAllproductcostscanhaveLevel3variances.Directmaterialsanddirectlaborwillbehandlednext.Overheadvariancesarediscussedindetailinalaterchapter.Directmaterialsanddirectlaborbothhavepriceandefficiencyvariances,andtheirformulaearethesame.Copyright©2015PearsonEducation7-13Level3VariancesPricevarianceformula:Efficiencyvarianceformula:7-14Level3Analysis,IllustratedCopyright©2015PearsonEducation7-15VarianceSummaryCopyright©2015PearsonEducation7-16ObtainingbudgetedinputpricesandinputquantitiesBudgetedinputpricesandbudgetedinputquantitiescanbeobtainedfromanumberofsourcesincludingactualinputdatafrompastperiods,datafromothercompaniesthathavesimilarprocessesandstandardsdevelopedbythefirmitself.Astandardisacarefullydeterminedprice,costorquantitythatisusedasabenchmarkforjudgingperformance.Copyright©2015PearsonEducation7-17VariancesandJournalEntriesEachvariancemaybejournalized.Eachvariancehasitsownaccount.Favorablevariancesarecredits;unfavorablevariancesaredebits.Varianceaccountsaregenerallyclosedintocostofgoodssoldattheendoftheperiod,ifimmaterial.Copyright©2015PearsonEducation7-18StandardCostingTargetsorstandardsareestablishedfordirectmaterialanddirectlabor.Thestandardcostsarerecordedintheaccountingsystem.Actualpriceandusageamountsarecomparedtothestandardandvariancesarerecorded.Copyright©2015PearsonEducation7-19StandardCostscanbeaUsefulToolPriceandefficiencyvariancesprovidefeedbacktoinitiatecorrectiveactions.Standardsareusedtocontrolcosts.Managersusevarianceanalysistoevaluateperformanceafterdecisionsareimplemented.Partofacontinuousimprovementprogram.Copyright©2015PearsonEducation7-20BenchmarkingandVariancesBenchmarkingisthecontinuousprocessofcomparingthelevelsofperformanceinproducingproductsandservicesagainstthebestlevelsofperformanceincompetingcompanies.Variancescanbeextendedtoincludecomparisontootherentities.Copyright©2015PearsonEducation7-21BenchmarkingairlinesCopyright©2015PearsonEducation7-22termstolearnTermstoLearnPageNumberReferenceBenchmarkingPage267BudgetedperformancePage249DirectmaterialsmixvariancePage272DirectmaterialsyieldvariancePage272EffectivenessPage265EfficiencyPage265EfficiencyvariancePage258FavorablevariancePage251FlexiblebudgetPage252Flexi
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