{"id":114924,"date":"2023-08-14t12:56:14","date_gmt":"2023-08-14t16:56:14","guid":{"rendered":"\/\/www.g005e.com\/?p=114924"},"modified":"2024-10-26t07:38:32","modified_gmt":"2024-10-26t11:38:32","slug":"how-to-account-for-cost-variances","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/08\/14\/how-to-account-for-cost-variances\/","title":{"rendered":"what clients don’t know about cost variances"},"content":{"rendered":"

\"\"<\/p>\n

you want the best information possible.<\/strong><\/p>\n

by ed mendlowitz<\/i>
\n77 ways to wow!<\/i><\/a><\/p>\n

when we discuss estimates \u2013 trailing amounts based on previous transactions and costs, it is important to have the amounts as accurate as possible to reduce the variances, but they will exist.<\/p>\n

more: <\/b>why and how to track payroll costs<\/a> | how to account for materials purchased<\/a> | ten strategies for smart a\/r collections<\/a> | where is your firm in its lifecycle?<\/a> | six kinds of loan covenants<\/a> | what\u2019s more profitable, raising or lowering prices?<\/a> |\u00a0insurance you might not know you need<\/a> | solos need plans for death, disability<\/a> | you don\u2019t need this, but your survivors do<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

the estimated costs will be measured at the end of a period, i.e., week, month, quarter or year, and the reasons should be investigated and reconciled.<\/p>\n

<\/p>\n

illustration: absolute lowest cost on a special one-time-only job<\/h3>\n

use the following table and provide in column 2 a model showing the absolute lowest cost<\/strong> for a one-time-only special order for a quantity equivalent to 30 percent of next month\u2019s average sales.<\/p>\n

provide a brief explanation. then see suggested afterward. (no peeking.)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/strong><\/td>\n\n
column 1<\/strong><\/h5>\n
normal model<\/strong><\/h5>\n<\/td>\n
\n
column 2<\/strong><\/h5>\n
special order model<\/strong><\/h5>\n<\/td>\n
\n
explanation<\/strong><\/h5>\n
\u00a0<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
+ actual cost of what is sold<\/h5>\n<\/td>\n
\n
$100.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ salaries of people making or adding to what is being sold (including taxes and benefits)<\/h5>\n<\/td>\n
\n
40.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ allocated portion of other or indirect labor<\/h5>\n<\/td>\n
\n
10.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ allocated factory, plant or warehouse overhead<\/h5>\n<\/td>\n
\n
12.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ packaging and shipping costs per item<\/h5>\n<\/td>\n
\n
9.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ commissions (2% of sales or $2.50 per item sold when a bargain sale is made)<\/h5>\n<\/td>\n
\n
5.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ selling costs allocated<\/h5>\n<\/td>\n
\n
4.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ administrative exp. allocated<\/h5>\n<\/td>\n
\n
15.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
+ interest costs allocated<\/h5>\n<\/td>\n
\n
5.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
total costs<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n
+ desired profit (before income taxes)<\/h5>\n<\/td>\n
\n
50.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
= selling price<\/strong><\/h5>\n<\/td>\n
\n
250.00<\/strong><\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

illustration: suggested response<\/h3>\n

estimated lowest absolute cost<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/strong><\/td>\n\n
column 1<\/strong><\/h5>\n
normal model<\/strong><\/h5>\n<\/td>\n
\n
column 2<\/strong><\/h5>\n
special order model <\/strong><\/h5>\n<\/td>\n
\n
explanation<\/strong><\/h5>\n
\u00a0<\/strong><\/em><\/h5>\n<\/td>\n<\/tr>\n
\n
+ actual cost of what is sold<\/h5>\n<\/td>\n
\n
$100.00<\/h5>\n<\/td>\n
\n
100<\/strong><\/h5>\n<\/td>\n
\n
cannot include a lower amount<\/h5>\n<\/td>\n<\/tr>\n
\n
+ salaries of people making or adding to what is being sold (including taxes and benefits)<\/h5>\n<\/td>\n
\n
40.00<\/h5>\n<\/td>\n
\n
15<\/strong><\/h5>\n<\/td>\n
\n
assumed direct labor is \u201cfixed\u201d in that within given ranges it would not increase or decrease. in this situation it is assumed that overtime will be paid to the current workers. calculation is 25% addl. hours at time and a half.<\/h5>\n<\/td>\n<\/tr>\n
\n
+ allocated portion of other or indirect labor<\/h5>\n<\/td>\n
\n
10.00<\/h5>\n<\/td>\n
\n
4<\/strong><\/h5>\n<\/td>\n
\n
same ratio as direct labor \u2013 rounded up<\/h5>\n<\/td>\n<\/tr>\n
\n
+ allocated factory, plant or warehouse overhead<\/h5>\n<\/td>\n
\n
12.00<\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\n
no extra overhead<\/h5>\n<\/td>\n<\/tr>\n
\n
+ packaging and shipping costs per item<\/h5>\n<\/td>\n
\n
9.00<\/h5>\n<\/td>\n
\n
9<\/strong><\/h5>\n<\/td>\n
\n
this is cost per unit<\/h5>\n<\/td>\n<\/tr>\n
\n
+ commissions (2% of sales or $2.50 per item sold when a bargain sale is made)<\/h5>\n<\/td>\n
\n
5.00<\/h5>\n<\/td>\n
\n
3<\/strong><\/h5>\n<\/td>\n
\n
rounded up $2.50 per unit<\/h5>\n<\/td>\n<\/tr>\n
\n
+ selling costs allocated<\/h5>\n<\/td>\n
\n
4.00<\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\n
no added selling costs<\/h5>\n<\/td>\n<\/tr>\n
\n
+ administrative exp. allocated<\/h5>\n<\/td>\n
\n
15.00<\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\n
no added admin exp<\/h5>\n<\/td>\n<\/tr>\n
\n
+ interest costs allocated<\/h5>\n<\/td>\n
\n
5.00<\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\n
no added interest<\/h5>\n<\/td>\n<\/tr>\n
\n
total costs<\/strong><\/h5>\n<\/td>\n
\n
200<\/strong><\/h5>\n<\/td>\n
\n
131<\/strong><\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
+ desired profit (before income taxes)<\/h5>\n<\/td>\n
\n
50.00<\/h5>\n<\/td>\n
<\/td>\n<\/td>\n<\/tr>\n
\n
= selling price<\/strong><\/h5>\n<\/td>\n
\n
250.00<\/strong><\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n
\n
\u00a0<\/strong><\/h5>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

report of direct labor cost variances<\/h3>\n

this report shows the calculation of direct labor variances.<\/p>\n

illustration: calculation of direct labor variances<\/strong><\/p>\n

\"table\"<\/p>\n

illustration of the explanation of direct labor variances from the above chart:<\/strong><\/p>\n

milling #1<\/strong><\/p>\n

standard: 40 hours at a cost of $1200 [1200 \u00f7 40] = $30.00 standard cost per hour<\/p>\n

actual: 35 hours at a cost of $1120 [1120 \u00f7 35] = $32.00 actual cost per hour<\/p>\n

difference in hours: 40 \u2013 35 = 5 hours less than standard<\/p>\n

performance variance:<\/strong><\/p>\n

5 hours at standard cost of $30.00 = $150.00 favorable variance (they spent 5 hours less than standard)<\/p>\n

rate variance:<\/strong><\/p>\n

difference per hour: $2.00<\/p>\n

35 actual hours: [35 x $2.00] = $70.00 unfavorable variance (the actual cost was $2.00 an hour higher than standard)<\/p>\n

weighted average<\/h3>\n

weighted averages are used when there are products with different cost structures or gross profits (also referred to as gross margins). this provides an overall gross profit or gross margin percent. it is used to model the effect of changes in the sales of higher or lower gross profit products.<\/p>\n

keep in mind that using percentages is an analytical tool, and the underlying issues are the generation of additional profits, or gross profits.<\/p>\n

for example, the very large quantity of low-gross-profit products that are being sold are what cause the sales of the highest gross-profit products, because those sales are only received from a portion of the customers who buy the low-gross-profit products.<\/p>\n

reducing the sales of low-gross-profit products will directly result in reduced sales of very high-gross-profit products. understanding the interactions and underlying dynamics is essential to being an effective manager.<\/p>\n

weighted averages are also used in break-even analyses to determine overall margins when there are multiple products with different profit margins.<\/p>\n

illustration: when the client is borrowing at three different rates<\/h3>\n\n\n\n\n\n\n\n\n
\n
source<\/h5>\n<\/td>\n
\n
quoted interest rates<\/strong><\/h5>\n<\/td>\n
\n
% of borrowing from each source<\/strong><\/h5>\n<\/td>\n
\n
weighted average interest rate<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
1<\/h5>\n<\/td>\n
\n
5.00%<\/h5>\n<\/td>\n
\n
30.00%<\/h5>\n<\/td>\n
\n
1.50%<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
2<\/h5>\n<\/td>\n
\n
9.00%<\/h5>\n<\/td>\n
\n
25.00%<\/h5>\n<\/td>\n
\n
2.25%<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
3<\/h5>\n<\/td>\n
\n
16.00%<\/h5>\n<\/td>\n
\n
45.00%<\/h5>\n<\/td>\n
\n
7.20%<\/strong><\/h5>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n\n
\u00a0<\/strong><\/h5>\n<\/td>\n<\/tr>\n
\n
weighted average interest rate<\/h5>\n<\/td>\n
<\/td>\n\n
10.95%<\/strong><\/h5>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

illustrations: weighted average<\/h3>\n

here are two illustrations showing the shift in sales from a higher-cost to a lower-cost product.<\/p>\n

this illustration shows two alternatives.<\/p>\n

    \n
  1. the sales of products shifted from a higher-cost to a lower-cost product.<\/li>\n
  2. the lower-cost product’s sales were increased without affecting the higher-cost product’s sales.<\/li>\n<\/ol>\n

    1. the sales in products shifted from a higher-cost to a lower-cost product<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
    <\/td>\n\n
    direct costs<\/strong><\/h5>\n<\/td>\n
    		\n
    % of total sales<\/strong><\/h5>\n<\/td>\n
    		\n
    wtd. avg. of direct costs<\/h5>\n<\/td>\n
    		\n
    $ sales<\/h5>\n<\/td>\n
    		\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		\n
    direct costs<\/h5>\n<\/td>\n
    		\n
    gross profit<\/h5>\n<\/td>\n<\/tr>\n
    \n
    food sales<\/h5>\n<\/td>\n
    		\n
    40.00%<\/h5>\n<\/td>\n
    		\n
    60.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    24.00%<\/h5>\n<\/td>\n
    		\n
    60,000<\/h5>\n<\/td>\n
    		<\/td>\n\n
    24,000<\/h5>\n<\/td>\n
    		\n
    36,000<\/h5>\n<\/td>\n<\/tr>\n
    \n
    liquor and beer<\/h5>\n<\/td>\n
    		\n
    30.00%<\/h5>\n<\/td>\n
    		\n
    15.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    4.50%<\/h5>\n<\/td>\n
    		\n
    15,000<\/h5>\n<\/td>\n
    		<\/td>\n\n
    4,500<\/h5>\n<\/td>\n
    		\n
    10,500<\/h5>\n<\/td>\n<\/tr>\n
    \n
    wine<\/h5>\n<\/td>\n
    		\n
    20.00%<\/h5>\n<\/td>\n
    		\n
    25.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    5.00%<\/h5>\n<\/td>\n
    		\n
    25,000<\/h5>\n<\/td>\n
    		<\/td>\n\n
    5,000<\/h5>\n<\/td>\n
    		\n
    20,000<\/h5>\n<\/td>\n<\/tr>\n
    <\/td>\n<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    \n
    total<\/h5>\n<\/td>\n
    		<\/td>\n\n
    100.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    33.50%<\/h5>\n<\/td>\n
    		\n
    $100,000<\/h5>\n<\/td>\n
    		<\/td>\n\n
    $33,500<\/h5>\n<\/td>\n
    		\n
    $66,500<\/h5>\n<\/td>\n<\/tr>\n
    \n
    weighted average profit margin<\/h5>\n<\/td>\n
    		<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		\n
    66.50%<\/strong><\/h5>\n<\/td>\n
    		\n
    $66,500<\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong><\/p>\n

    2. the lower-cost product’s sales were increased without affecting the higher-cost product’s sales<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/strong><\/td>\n\n
    direct costs<\/strong><\/h5>\n<\/td>\n
    		\n
    % of total sales<\/strong><\/h5>\n<\/td>\n
    		\n
    wtd. avg. of direct costs<\/strong><\/h5>\n<\/td>\n
    		\n
    total $ sales remain the same (they just shifted from food to wine)<\/h5>\n<\/td>\n
    		\n
    sales of wine increase 20% and food sales remain the same<\/h5>\n<\/td>\n
    		\n
    new direct costs<\/h5>\n<\/td>\n
    		\n
    new gross profit<\/h5>\n<\/td>\n<\/tr>\n
    \n
    food sales<\/h5>\n<\/td>\n
    		\n
    40.00%<\/h5>\n<\/td>\n
    		\n
    40.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    16.00%<\/h5>\n<\/td>\n
    		\n
    50,000<\/h5>\n<\/td>\n
    		\n
    60,000<\/h5>\n<\/td>\n
    		\n
    24,000<\/h5>\n<\/td>\n
    		\n
    36,000<\/h5>\n<\/td>\n<\/tr>\n
    \n
    liquor and beer<\/h5>\n<\/td>\n
    		\n
    30.00%<\/h5>\n<\/td>\n
    		\n
    15.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    4.50%<\/h5>\n<\/td>\n
    		\n
    15,000<\/h5>\n<\/td>\n
    		\n
    15,000<\/h5>\n<\/td>\n
    		\n
    4,500<\/h5>\n<\/td>\n
    		\n
    10,500<\/h5>\n<\/td>\n<\/tr>\n
    \n
    wine<\/h5>\n<\/td>\n
    		\n
    20.00%<\/h5>\n<\/td>\n
    		\n
    45.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    9.00%<\/h5>\n<\/td>\n
    		\n
    35,000<\/h5>\n<\/td>\n
    		\n
    30,000<\/h5>\n<\/td>\n
    		\n
    6,000<\/h5>\n<\/td>\n
    		\n
    24,000<\/h5>\n<\/td>\n<\/tr>\n
    <\/td>\n<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    \n
    total<\/h5>\n<\/td>\n
    		<\/td>\n\n
    100.00%<\/strong><\/h5>\n<\/td>\n
    		\n
    29.50%<\/h5>\n<\/td>\n
    		\n
    $100,000<\/h5>\n<\/td>\n
    		\n
    $105,000<\/h5>\n<\/td>\n
    		\n
    $34,500<\/h5>\n<\/td>\n
    		\n
    $70,500<\/h5>\n<\/td>\n<\/tr>\n
    \n
    weighted average profit margin<\/h5>\n<\/td>\n
    		<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		\n
    70.50%<\/h5>\n<\/td>\n
    		\n
    $70,500<\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    <\/td>\n<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    \n
    additional profit<\/h5>\n<\/td>\n
    		<\/td>\n\n
    \u00a0<\/strong><\/h5>\n<\/td>\n
    		<\/td>\n\n
    $4,000<\/strong><\/h5>\n<\/td>\n
    		<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

    you want the best information possible. six illustrations.<\/strong>
    \n\"\"<\/a>
    \nby ed mendlowitz<\/i>
    \n    77 ways to wow!<\/i><\/a><\/p>\n","protected":false},"author":1341,"featured_media":115514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3184,1905,3120,3002],"tags":[],"class_list":["post-114924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory","category-clients-and-service","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"\nwhat clients don't know about cost variances - 卡塔尔世界杯常规比赛时间<\/title>\n<meta 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