Development of Cost Standards
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How are cost standards developed? Discuss the purpose for cost standards.
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The solution discusses the development and purpose of cost standards.
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Standard Costing is a comprehensive and powerful tool for maintaining standard, current and projected costs for both accounting and manufacturing operations. Its unique features are ideal for helping you manage the planning and budgeting of your entire operation. A standard is a benchmark or norm for measuring performance. We encounter standards in many facets of daily life, i.e., standard to obtain a driver's license, standard to get into an MBA program, etc. In the past industry has made extensive use of standards. Standards are set for various cost inputs such as material, labor, and overhead. ...
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