Copyright © 2012 McGraw-Hill Ryerson Limited 10-1 PowerPoint Author: Robert G. Ducharme, MAcc, CA...

PowerPoint Author:

Robert G. Ducharme, MAcc, CAUniversity of Waterloo, School of Accounting and Finance

MANAGERIALACCOUNTINGNinth Canadian Edition GARRISON, CHESLEY, CARROLL, WEBB, LIBBY

Standard Costs and Overhead Analysis

Chapter 10

Standard Costs

Standards are benchmarks or “norms”for measuring performance. Two types

of standards are commonly used.

Quantity standardsspecify how much of aninput should be used to

make a product orprovide a service.

Cost (price)standards specify

how much should be paid for each unit

of the input.

Standard Costs

DirectMaterial

Deviations from standards deemed significantare brought to the attention of management, apractice known as management by exception.

Type of Product Cost

DirectLabour

ManufacturingOverhead

Standard

Variance Analysis Cycle

Prepare standard cost performance

report

Analyze variances

Identifyquestions

Receive explanations

Takecorrective

actions

Conduct next period’s

operations

Exhibit10-1

Accountants, engineers, purchasingagents, and production managers

combine efforts to set standards that encourage efficient future production.

Setting Standard Costs

Should we useideal standards that require employees to

work at 100% peak efficiency?

Engineer ManagerialAccountant

I recommend using practical standards that are currently

attainable with reasonable and efficient effort.

Setting Direct Material Standards

Standard Priceper Unit

Summarized in a Bill of Materials.

Final, deliveredcost of materials,net of discounts.

Standard Quantityper Unit

Setting Standards

Six Sigma advocates have sought toeliminate all defects and waste, rather than

continually build them into standards.

As a result allowances for waste andspoilage that are built into standards

should be reduced over time.

Six Sigma advocates have sought toeliminate all defects and waste, rather than

continually build them into standards.

As a result allowances for waste andspoilage that are built into standards

should be reduced over time.

Setting Direct Labour Standards

Standard Rateper Hour

Often a singlerate is used that reflectsthe mix of wages earned.

Standard Hoursper Unit

Use time and motion studies for

each labour operation.

Setting Variable Overhead Standards

PriceStandards

The rate is the variable portion of the

predetermined overhead rate.

QuantityStandards

The quantity is the activity in the allocation

base used to calculate the predetermined overhead.

Standard Cost Card – Variable Production Cost

A standard cost card for one unit of product might look like this:

A A × BStandard Standard StandardQuantity Price Cost

Inputs or Hours or Rate per Unit

Direct materials 3.0 lbs. 4.00$ per lb. 12.00$ Direct labour 2.5 hours 14.00 per hour 35.00 Variable mfg. overhead 2.5 hours 3.00 per hour 7.50 Total standard unit cost 54.50$

Are standards the same as budgets?

A budget is set for total costs.

Standards vs. Budgets

A standard is a per unit cost.

Standards are often used when

preparing budgets.

Price and Quantity Standards

Price and quantity standards are determined separately for two reasons:

The purchasing manager is responsible for raw material purchase prices and the production manager is responsible for the quantity of raw material used.

The buying and using activities occur at different times. Raw material purchases may be held in inventory for a period of time before being used in production.

A General Model for Variance Analysis

Variance Analysis

Price Variance

Difference betweenactual price and standard price

Quantity Variance

Difference betweenactual quantity andstandard quantity

Variance Analysis

Price Variance Quantity Variance

Materials price varianceLabour rate variance

VOH spending variance

Materials quantity varianceLabour efficiency varianceVOH efficiency variance

Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard Price

Spending Variance

Actual quantity is the amount of direct materials, direct labour, and variable manufacturing overhead actually used.

Spending Variance

Standard quantity is the standard quantity allowed for the actual output of the period.

Spending Variance

Actual price is the amount actuallypaid for the input used.

Spending Variance

Standard price is the amount that shouldhave been paid for the input used.

Spending Variance

(AQ × AP) – (AQ × SP) (AQ × SP) – (SQ × SP)

AQ = Actual Quantity SP = Standard Price AP = Actual Price SQ = Standard Quantity

Glacier Peak Outfitters has the following direct material standard for the fibrefill in its mountain

parka.

0.1 kg. of fibrefill per parka at $5.00 per kg.

Last month 210 kgs of fibrefill were purchased and used to make 2,000 parkas. The material

cost a total of $1,029.

Material Variances Example

210 kgs. 210 kgs. 200 kgs. × × × $4.90 per kg. $5.00 per kg. $5.00 per kg.

= $1,029 = $1,050 = $1,000

Price variance$21 favourable

Quantity variance$50 unfavourable

Material Variances Summary

LO 2$29 unfavourable

= $1,029 = $1,050 = $1,000

$1,029 210 kgs = $4.90 per

= $1,029 = $1,050 = $1,000

0.1 kg per parka 2,000 parkas = 200 kgs

Material Variances:Using the Factored Equations

Materials price variance

MPV = AQ (AP – SP)

= 210 kgs ($4.90/kg – $5.00/kg)

= 210 kgs (-$0.10/kg)

= $21 F

Materials quantity variance

MQV = SP (AQ – SQ)

= $5.00/kg (210 kgs – (0.1 kg/parka 2,000 parkas))

= $5.00/kg (210 kgs – 200 kgs)

= $5.00/kg (10 kgs)

= $50 U

Materials Price VarianceMaterials Quantity Variance

Production Manager Purchasing Manager

The standard price is used to compute the quantity varianceso that the production manager is not held responsible for

the purchasing manager’s performance.

The standard price is used to compute the quantity varianceso that the production manager is not held responsible for

the purchasing manager’s performance.

Responsibility for Material Variances

I am not responsible for this unfavourable material

quantity variance.

You purchased cheapmaterial, so my peoplehad to use more of it.

Your poor scheduling sometimes requires me to

rush order material at a higher price, causing

unfavourable price variances.

Responsibility for Material Variances

Hanson Inc. has the following direct material standard to manufacture one Zippy:

1.5 pounds per Zippy at $4.00 per pound

Last week, 1,700 pounds of material were purchased and used to make 1,000 Zippies.

The material cost a total of $6,630.

ZippyQuick Check

Quick Check Zippy

Hanson’s material price variance (MPV)for the week was:

a. $170 unfavourable.

b. $170 favourable.

c. $800 unfavourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable. MPV = AQ (AP – SP) MPV = 1,700 lbs. × ($3.90 – 4.00) MPV = $170 favourable

Quick Check Zippy

Quick Check

Hanson’s material quantity variance (MQV)for the week was:

b. $170 favourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable.

b. $170 favourable.

d. $800 favourable. MQV = SP (AQ – SQ) MQV = $4.00 × (1,700 lbs – 1,500 lbs) MQV = $800 unfavourable

Quick Check Zippy

1,700 lbs. 1,700 lbs. 1,500 lbs. × × × $3.90 per lb. $4.00 per lb. $4.00 per lb.

= $6,630 = $ 6,800 = $6,000

ZippyQuick Check

Isolation of Material Variances

I need the price variancesooner so that I can better

identify purchasing problems.

You accountants just don’tunderstand the problems thatpurchasing managers have.

I’ll start computingthe price variancewhen material is

purchased rather thanwhen it’s used.

Material Variances

Hanson purchased and used 1,700 pounds.

How are the variances computed if the amount purchased differs from

the amount used?

The price variance is computed on the entire

quantity purchased.

The quantity variance is computed only on

the quantity used.

Hanson Inc. has the following material standard to manufacture one Zippy:

1.5 pounds per Zippy at $4.00 per pound

Last week, 2,800 pounds of material were purchased at a total cost of $10,920, and 1,700

pounds were used to make 1,000 Zippies.

ZippyQuick Check Continued

Actual Quantity Actual Quantity Purchased Purchased × × Actual Price Standard Price 2,800 lbs. 2,800 lbs. × × $3.90 per lb. $4.00 per lb.

= $10,920 = $11,200

Price variance increases because quantity

purchased increases.

Actual Quantity Used Standard Quantity × × Standard Price Standard Price 1,700 lbs. 1,500 lbs. × × $4.00 per lb. $4.00 per lb.

= $6,800 = $6,000

Quantity variance is unchanged because actual and standard

quantities are unchanged.

Glacier Peak Outfitters has the following direct labour standard for its mountain parka.

1.2 standard hours per parka at $10.00 per hour

Last month, employees actually worked 2,500 hours at a total labour cost of $26,250 to make 2,000

parkas.

Labour Variances Example

2,500 hours 2,500 hours 2,400 hours × × ×$10.50 per hour $10.00 per hour $10.00 per hour

= $26,250 = $25,000 = $24,000

Rate variance$1,250 unfavourable

Efficiency variance$1,000 unfavourable

Actual Hours Actual Hours Standard Hours × × × Actual Rate Standard Rate Standard Rate

Labour Variances Summary

LO 3$2,250 unfavourable

= $26,250 = $25,000 = $24,000

$26,250 2,500 hours = $10.50 per hour

= $26,250 = $25,000 = $24,000

1.2 hours per parka 2,000 parkas = 2,400 hours

Labour Variances:Using the Factored Equations

Labour rate variance

LRV = AH (AR – SR)

= 2,500 hours ($10.50 per hour – $10.00 per hour)

= 2,500 hours ($0.50 per hour)

= $1,250 unfavourable

Labour efficiency variance

LEV = SR (AH – SH)

= $10.00 per hour (2,500 hours – 2,400 hours)

= $10.00 per hour (100 hours)

= $1,000 unfavourable

Responsibility for Labour Variances

Production Manager

Production managers areusually held accountable

for labour variancesbecause they can

influence the:

Mix of skill levelsassigned to work tasks.

Level of employee motivation.

Quality of production supervision.

Quality of training provided to employees.

Responsibility for Labour Variances

I am not responsible for the unfavourable labour

efficiency variance!

You purchased cheapmaterial, so it took more

time to process it.

I think it took more time to process the

materials because the Maintenance

Department has poorly maintained your

equipment.

Hanson Inc. has the following direct labour standard to manufacture one Zippy:

1.5 standard hours per Zippy at $12.00 perdirect labour hour

Last week, 1,550 direct labour hours were worked at a total labour cost of $18,910

to make 1,000 Zippies.

ZippyQuick Check

Hanson’s labour rate variance (LRV) for the week was:

b. $310 favourable.

d. $300 favourable.

b. $310 favourable.

d. $300 favourable.

Quick Check Zippy

b. $310 favourable.

d. $300 favourable.

b. $310 favourable.

d. $300 favourable.

Quick Check

LRV = AH (AR – SR) LRV = 1,550 hrs × ($12.20 – $12.00) LRV = $310 unfavourable

Hanson’s labour efficiency variance (LEV)for the week was:

b. $590 favourable.

d. $600 favourable.

b. $590 favourable.

d. $600 favourable.

Quick Check Zippy

b. $590 favourable.

d. $600 favourable.

b. $590 favourable.

d. $600 favourable.

Quick Check

LEV = SR (AH – SH) LEV = $12.00 × (1,550 hrs – 1,500 hrs) LEV = $600 unfavourable

Rate variance$310 unfavourable

Efficiency variance$600 unfavourable

1,550 hours 1,550 hours 1,500 hours × × × $12.20 per hour $12.00 per hour $12.00 per hour

= $18,910 = $18,600 = $18,000

ZippyQuick Check

Glacier Peak Outfitters has the following direct variable manufacturing overhead labour

standard for its mountain parka.

1.2 standard hours per parka at $4.00 per hour

Last month, employees actually worked 2,500 hours to make 2,000 parkas. Actual variable manufacturing overhead for the month was

$10,500.

Variable Manufacturing Overhead Variances Example

= $10,500 = $10,000 = $9,600

Spending variance$500 unfavourable

Variable Manufacturing Overhead Variances Summary

= $10,500 = $10,000 = $9,600

$10,500 2,500 hours = $4.20 per hour

= $10,500 = $10,000 = $9,600

1.2 hours per parka 2,000 parkas = 2,400 hours

Variable Manufacturing Overhead Variances: Using Factored Equations

Variable manufacturing overhead spending variance

VMSV = AH (AR – SR)

= 2,500 hours ($4.20 per hour – $4.00 per hour)

= 2,500 hours ($0.20 per hour)

= $500 unfavourable

Variable manufacturing overhead efficiency variance

VMEV = SR (AH – SH)

= $4.00 per hour (2,500 hours – 2,400 hours)

= $4.00 per hour (100 hours)

= $400 unfavourable

Hanson Inc. has the following variable manufacturing overhead standard to

manufacture one Zippy:

1.5 standard hours per Zippy at $3.00 perdirect labour hour

Last week, 1,550 hours were worked to make 1,000 Zippies, and $5,115 was spent for

variable manufacturing overhead.

ZippyQuick Check

Hanson’s spending variance (VOSV) for variable manufacturing overhead forthe week was:

b. $400 favourable.

d. $300 favourable.

b. $400 favourable.

d. $300 favourable.

Quick Check Zippy

b. $400 favourable.

d. $300 favourable.

b. $400 favourable.

d. $300 favourable.

Quick Check

VOSV = AH (AR – SR) VOSV = 1,550 hrs × ($3.30 – $3.00) VOSV = $465 unfavourable

Hanson’s efficiency variance (VOEV) for variable manufacturing overhead for the week was:

b. $435 favourable.

d. $150 favourable.

b. $435 favourable.

d. $150 favourable.

Quick Check Zippy

b. $435 favourable.

d. $150 favourable.

b. $435 favourable.

d. $150 favourable.

Quick Check

VOEV = SR (AH – SH) VOEV = $3.00 × (1,550 hrs – 1,500 hrs) VOEV = $150 unfavourable

1,000 units × 1.5 hrs per unit

= $5,115 = $4,650 = $4,500

ZippyQuick Check

Overhead Rates and Overhead Analysis

Overhead from theflexible budget for the

denominator level of activityPOHR =

Recall that overhead costs are assigned to products and services using a

predetermined overhead rate (POHR):

Assigned Overhead = POHR × Standard Activity

Denominator level of activity

The predetermined overhead ratecan be broken down into fixed

and variable components.

The variablecomponent is useful

for preparing and analyzingvariable overhead

variances.

The fixedcomponent is useful

for preparing and analyzingfixed overhead

variances.

Overhead Rates and Overhead Analysis

Normal versus Standard Cost Systems

In a normal costsystem, overhead isapplied to work inprocess based onthe actual numberof hours worked

in the period.

In a standard costsystem, overhead isapplied to work inprocess based onthe standard hours

allowed for the actualoutput of the period.

Budget Variance

VolumeVariance

FR = Standard Fixed Overhead RateSH = Standard Hours AllowedDH = Denominator Hours

SH × FR

Actual Fixed Fixed Fixed Overhead Overhead Overhead Incurred Budget Applied DH × FR

Fixed Overhead Variances

ColaCo prepared this budget for overhead:

Overhead Rates and OverheadAnalysis – Example

Total Variable Total FixedMachine Variable Overhead Fixed Overhead

Hours Overhead Rate Overhead Rate

3,000 6,000$ ? 9,000$ ?

4,000 8,000 ? 9,000 ?

ColaCo applies overhead basedon machine-hour activity.

Let’s calculate overhead rates.

Rate = Total Variable Overhead ÷ Machine Hours

This rate is constant at all levels of activity.

3,000 6,000$ 2.00$ 9,000$ ?

4,000 8,000 2.00 9,000 ?

3,000 6,000$ 2.00$ 9,000$ 3.00$

4,000 8,000 2.00 9,000 2.25

Rate = Total Fixed Overhead ÷ Machine Hours

This rate decreases when activity increases.

3,000 6,000$ 2.00$ 9,000$ 3.00$

4,000 8,000 2.00 9,000 2.25

The total POHR is the sum ofthe fixed and variable ratesfor a given activity level.

ColaCo’s actual production required 3,200 standard machine hours. Actual fixed overhead was $8,450. The predetermined overhead rate is based

on 3,000 machine hours.

Fixed Overhead Variances – Example

Overhead Variances

Now let’s turn our attention to calculating

fixed overhead variances.

Budget variance$550 favourable

$8,450 $9,000

Actual Fixed Fixed Fixed Overhead Overhead Overhead Incurred Budget Applied

Fixed Overhead Variances –A Closer Look

Budget Variance

Results from spendingmore or less thanexpected for fixedoverhead items.

Now, let’s use the standard hours allowed

to compute the fixed overhead volume

variance.

Now, let’s use the standard hours allowed

to compute the fixed overhead volume

variance.

3,200 hours × $3.00 per hour

Budget variance$550 favourable

$8,450 $9,000 $9,600

Volume variance$600 favourable

SH × FR

LO 6$1,150 favourable

Volume Variance – A Closer Look

VolumeVariance

Results when standard hoursallowed for actual output differsfrom the denominator activity.

Unfavourablewhen standard hours< denominator hours

Favourablewhen standard hours> denominator hours

Volume Variance – A Closer Look

VolumeVariance

Results when standard hoursallowed for actual output differsfrom the denominator activity.

Unfavourablewhen standard hours< denominator hours

Favourablewhen standard hours> denominator hours

Does not measure over- or under spending

It results from treating fixedoverhead as if it were a

variable cost.

Quick Check

Yoder Enterprises’ actual production for the period required 2,100 standard direct labour hours. Actual fixed overhead for the period was $14,800. The budgeted fixed overhead was $14,450. The predetermined fixed overhead rate was $7 per direct labour hour. What was the budget variance?

a. $350 Ub. $350 Fc. $100 Fd. $100 U

Quick Check

Budget variance

= Actual fixed overhead – Budgeted fixed overhead

= $14,800 – $14,450

= $350 U

Quick Check

Yoder Enterprises’ actual production for the period required 2,100 standard direct labour hours. Actual fixed overhead for the period was $14,800. The budgeted fixed overhead was $14,450. The predetermined fixed overhead rate was $7 per direct labour hour. What was the volume variance?

a. $250 Ub. $250 Fc. $100 Fd. $100 U

Quick Check

Volume variance

= Budgeted fixed overhead – (SH FR)

= $14,450 – (2,100 hours $7 per hour)

= $14,450 – $14,700

= $250 F

2,100 hours × $7.00 per hour

Budget variance$350 unfavourable

$14,800 $14,450 $14,700

Volume variance$250 favourable

SH × FR

Quick Check Summary

LO 6$1,150 favourable

Fixed Overhead Variances –A Graphic Approach

Let’s look at a graph showing fixed overhead

variances. We will use ColaCo’s

numbers from the previous example.

Activity

3,000 Hours ExpectedActivity

$9,000 budgeted fixed OH

Fixed overhead

applied to products

$8,450 actual fixed OH

Activity

Fixed overhead

applied to products

$8,450 actual fixed OH$550Favourable

Budget Variance

{$8,450 actual fixed OH

3,200 machine hours × $3.00 fixed overhead rate

$600Favourable

Volume Variance

$9,600 applied fixed OH

3,200 Standard

Activity

Fixed overhead

applied to products

$550Favourable

Budget Variance

{ $8,450 actual fixed OH

Overhead Variances and Under- or Overapplied Overhead Cost

In a standardcost system:

Unfavourablevariances are equivalent

to underapplied overhead.

Favourablevariances are equivalentto overapplied overhead.

The sum of the overhead variancesequals the under- or overapplied

overhead cost for a period.LO 6

Theoretical capacity is the volume of

capacity if all available production time is used and no waste

occurs. (i.e. operations conducted 24 hours per day, 7 days per week, 365 days per year, with no downtime)

Theoretical vs. Practical Capacity

Practical capacity represents what

could be produced with operations at

theoretical capacity less unavoidable

downtime.

Variance Analysis andManagement by Exception

How do I knowwhich variances to

investigate?

Larger variances, in dollar amount or as a percentage of the

standard, are investigated first.

A Statistical Control Chart

1 2 3 4 5 6 7 8 9

Variance Measurements

Favourable Limit

Unfavourable Limit

• • •• •

••

Warning signals for investigation

Desired Value

Exhibit10-9

Advantages of Standard Costs

Management byexception

Advantages

Promotes economy and efficiency

Simplifiedbookkeeping

Enhances responsibility

accounting

PotentialProblems

Emphasis onnegative may

impact morale.

Emphasizing standardsmay exclude other

important objectives.

Favourablevariances may

be misinterpreted.

Continuous improvement maybe more important

than meeting standards.

Standard costreports may

not be timely.

Invalid assumptionsabout the relationship

between labourcost and output.

Potential Problems with Standard Costs

Appendix 10A

Further Analysis of Materials Variances

Appendix 10A – Further Analysis of Materials Variances: Mix and Yield

When the production process requires the input of more than one material, the material quantity variance (MQV) can be further broken down into mix variance and yield variance.

Appendix 10A – Mix and Yield Variances

SP (AQ – M) SP (M – SQ)

AQ = Actual Quantity M = AQ @ Std. Mix SP = Standard Price SQ = Standard Quantity

Mix Variance Yield Variance

Actual Quantity Actual Quantity Standard Quantity @ Std. Mix (M) × × × Standard Price Standard Price Standard Price

Material Quantity Variance

Appendix 10A – Example of Mix and Yield Variances

One unit of finished goods requires the following input mix: 2 kgs of A with a standard price of $1.50/kg 3 kgs of B with a standard price of $2.50/kg

The standard mix is thus 2A:3B During the period, 150 units of finished goods

were produced using 350 kgs of A and 450 kgs of B.

Appendix 10A – Mix and Yield Variances

Mix Variance: SP(AQ – M)

Material A: $1.50 × [350 – 2/5 (350 + 450)] = $45 U

Material B: $2.50 × [450 – 3/5 (350 + 450)] = $75 F

Yield Variance: SP(M – SQ) Material A: $1.50 × [2/5 (350 + 450) – 150 (2)] = $30 U

Material B: $2.50 × [3/5 (350 + 450) – 150 (3)] = $75 U

Material Quantity Variance: SP(AQ – SQ) Material A: $1.50 × [350 – 150 (2)] = $75 U

Material B: $2.50 × [450 – 150 (3)] = $-0- U

Appendix 10A – Material Mix and Yield Variances

MixYieldQuantity

10-100

Appendix 10B

General Ledger Entriesto Record Variances

10-101

Appendix 10BJournal Entries to Record Variances

We will use information from the Glacier Peak Outfittersexample presented earlier in the chapter to illustrate journal

entries for standard cost variances. Recall the following:

Material

AQ × AP = $1,029AQ × SP = $1,050SQ × SP = $1,000MPV = $21 FMQV = $50 U

Material

AQ × AP = $1,029AQ × SP = $1,050SQ × SP = $1,000MPV = $21 FMQV = $50 U

Labour

AH × AR = $26,250AH × SR = $25,000SH × SR = $24,000LRV = $1,250 ULEV = $1,000 U

Labour

AH × AR = $26,250AH × SR = $25,000SH × SR = $24,000LRV = $1,250 ULEV = $1,000 U

Now, let’s prepare the entries to recordthe labour and material variances.

10-102

GENERAL JOURNAL Page 4

Date DescriptionPost. Ref. Debit Credit

Raw Materials 1,050

Materials Price Variance 21

Accounts Payable 1,029

To record the purchase of material

Work in Process 1,000

Materials Quantity Variance 50

Raw materials 1,050

To record the use of material

Appendix 10BRecording Material Variances

10-103

GENERAL JOURNAL Page 4

Date DescriptionPost. Ref. Debit Credit

Work in Process 24,000

Labour Rate Variance 1,250

Labour Efficiency Variance 1,000

Wages Payable 26,250

To record incurrence of direct labour cost

Appendix 10BRecording Labour Variances

10-104

Variable manufacturingoverhead variances are usually not

recorded in the accounts separately, but are determined as part of the

general analysis of overhead.

Appendix 10B – Recording Variable Manufacturing Overhead Variances

10-105

Appendix 10BCost Flows in a Standard Cost System

Inventories are recorded at standard cost. Variances are recorded as follows:

Favourable variances are credits, representing savings in production costs.

Unfavourable variances are debits, representing excess production costs.

Standard cost variances are usually closed to cost of goods sold. Unfavourable variances increase cost of goods sold. Favourable variances decrease cost of goods sold.

Inventories are recorded at standard cost. Variances are recorded as follows:

Favourable variances are credits, representing savings in production costs.

Unfavourable variances are debits, representing excess production costs.

Standard cost variances are usually closed to cost of goods sold. Unfavourable variances increase cost of goods sold. Favourable variances decrease cost of goods sold.

10-106

End of Chapter 10

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