Standard costs can be defined as the amount the firm thinks a product or the operation of a process for a period of time should cost, based upon certain assumed conditions of efficiency, economic conditions and other factors. Standard costing can be very advantageous for budgeting and the management of costs in a business. In this lesson, we will look at steps you can take, to set and use standard costs.

Learn more with our course: FOUNDATIONS IN COST MANAGEMENT' - [ Ссылка ]

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