pls help solve mssing blanks
A B C D E F G H K 33 34 Standard cost accounting can be highly granular and sophisticated. We present a simple example. 35 You are the financial analyst at a company that manufactures commemorative pins. 36 Your company produces three products: bronze pins, silver pins and gold pins. 37 Your company's industrial engineer has established the following standard costs per unit for each of the three products. 38 Industrial engineers find ways to eliminate wastefulness in production processes. 39 They devise efficient systems that integrate workers, machines, materials, information, and energy to make a product or provide a service.' Bureau of Labor Statistics 40 The standard unit costs have been established for the following expense components: 41 42 Direct Labor The full cost (payroll plus benefits) of the employees directly related to the production of a single unit of the product 43 Direct Materials Purchased materials consumed in the production of a single unit of the product 44 Variable Overhead Overhead which is driven by the level of production such as electricity, direct supervision on the production line, uniforms for the production staff 45 Fixed Overhead Overhead which is not driven by the level of production such as management, rent, office equipment. 46 47 Bronze Silver Gold 48 Direct Labor 53 22 21 49 Standard Cost Direct Materials 6 17 33 50 Per Unit Variable Overhead 12 6 8 51 Fixed Overhead 8 12 11 52 53 Standard Cost Accounting requires that a budget be created in advance of a period. 54 The budget is based on a forecasted volumes of production for each product. 55 The budgeted volumes permits the establishment of standard cost per unit of expenses that are not fully variable (fixed and semi-fixed). 56 For each product and cost component, the standard cost per unit is multiplied by the budgeted volumes to develop the budget. 57 58 You are now half way through the fiscal year and have the results of the first six months. 59 Let's first use the standard cost accounting framework to analyze the six-months of actual results. 60 We will then apply this fundamental understanding of the half-year actual results to develop a revised budget for the second half and to decide whether to: 61 Adjust the budget for the second half of the year? 62 Increase/decrease factory workers (direct labor) to respond to your full-year outlook. 63 Adjust overhead to respond to your full-year outlook. 64 Write formulas in the green boxes below to calculate the budget. 65 Use 'S' in the formula to permit you to write one formula in the upper left box that can be copied down and across. 66 67 6 Month Bronze Silver Gold Total 68 Budget Sales Volumes 100 125 150 375 69 70 Direct Labor 71 Budgeted Direct Materials 72 Volumes at Variable Overhead 73 Standard Cost Fixed Overhead 74 Total 75 76 On which product did your company anticipate spending the most (all cost components)? 77 78
