Standard Costs are budgeted costs for Direct Materials, Direct Labor and Manufacturing Overhead in a Manufacturing environment. Standard costs do not exist in a Merchandising-Walmart, Target etc.-or a Service-Banking, Accounting, Legal, etc-environments. Variances are created when their is a difference between the Standard Price and Quantity costs. Example: for Direct Materials, an Unfavorable Price Variance would exist when the Actual Price for the Materials exceeds the Standard Price/Cost-perhaps due to an increase in supplier prices or being forced by the competition to use higher quality materials. However, a Favorable Quantity Variance will occur when the Actual Quantity of Materials is less than the Standard Quantity. This could occur when state of the art machinery purchased reduces ‘waste’ or better training of the workforce.
REQUIRED: What would cause Price/Wages (lower or higher wages), and Quantity (less or more labor hours) for Direct Labor?
HINT: Inexperienced/poorly trained employees; poorly maintained machines, creating too much down-time could be issues. Management must be immediately notified when this happens.
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