Instructions:
1. Read: “Standard costing and its role in today’s manufacturing environment” by Mike Lucas. This paper will be useful in the discussions required in parts b, c, and e, below.
2. Prepare a typed paper (2 pages) which presents/discusses the following (in the order listed):
Body of Paper.
A. Briefly discuss what is meant by “favorable” and “unfavorable” in describing material and labor variances.
B. Discuss the three most significant advantages of standard costing.
C. Discuss the three most significant disadvantages of standard costing.
D. Are more firms adopting/dropping the use of standard costing? Why?
E. Explain the calculation of material and labor variances and the proper interpretation of variances. Explain why any calculated favorable variance may, in fact, be unfavorable. Explain why any
calculated unfavorable variance may, in fact, be favorable.
F. Discuss behavioral issues arising from the use of standard costing.

Accounting
In Carroll and Buccholtz (2015, p. 568) you will read the Case Analysis Guidelines, Issue/Problem Identification, Analysis/Evaluation and Recommendations. You will answer the associated questions using a substantive response-meaning you will need to answer the questions, but also expand upon your answers with information from one the (Cases 1-41) that you choose. There are 41 Cases, you must choose one Case to analyze and report your findings. Additionally, you will use the Internet to find relevant information pertaining to your Case. You must reference all information that you use from other resources.

Accounting
In Carroll and Buccholtz (2015, p. 568) you will read the Case Analysis Guidelines, Issue/Problem Identification, Analysis/Evaluation and Recommendations. You will answer the associated questions using a substantive response-meaning you will need to answer the questions, but also expand upon your answers with information from one the (Cases 1-41) that you choose. There are 41 Cases, you must choose one Case to analyze and report your findings. Additionally, you will use the Internet to find relevant information pertaining to your Case. You must reference all information that you use from other resources.