Standard Cost

Published on January 2017 | Categories: Documents | Downloads: 31 | Comments: 0 | Views: 227
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Standard costs
An estimated or predetermined cost of performing an operation or producing a good or service, under normal conditions. Standard costs are used as target costs (or basis for comparison with the actual costs), and are developed from historical data analysis or from time and motion studies. They almost always vary from actual costs, because every situation has its share of unpredictable factors. Also called normal cost.

Read more: http://www.businessdictionary.com/definition/standard-cost.html#ixzz2lmA2KmYl

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