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Stadard Costs/Ideal and Normal Standard

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Standard costs facilitate management planning.

What are the other advantages of standard costs?

Please distinguish between an ideal standard and a normal
standard.

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Solution Summary

The solution describes the advantages of standard costs and distinguishes between ideal and normal standard.

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In striving to define standard costs, management might expose or uncover newer 'best practices' which yield even better performance. In addition to this and the facilitation of management planning, motivation might be generated at the employee level creating an atmosphere of cost consciousness that leads to ...

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