Asked by
Grant Jackson
on Nov 17, 2024
Verified
The standard cost is how much a product should cost to manufacture.
Standard Cost
A predetermined cost of manufacturing a single unit or a number of units during a specific period under current or anticipated operating conditions.
Manufacture
Manufacture refers to the process of converting raw materials or components into finished products through the use of labor, machinery, tools, and chemical or biological processing.
- Understand the principle of standard costs and their function in evaluating operational performance.
Verified Answer
CD
Learning Objectives
- Understand the principle of standard costs and their function in evaluating operational performance.
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