Standard cost, Cost Accounting

Standard Cost

A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensively in manufacturing industries.  At the starting of each year neither the organization normally review standards for material price and usage, wage rate, labor efficiency and overhead rates based on budgets.

Posted Date: 10/16/2012 7:19:14 AM | Location : United States

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