Standard costing is for improving cost /cost control, simplify stock valuation and improving costing and pricing of products.
Can be applied to jobs, operations, processes and department and are used in manufacturing, engineering, processing and service industries.
Standard costing is process of determining the standard price require to produce one unit of product while actual costing system uses the actual prices of manufacturing one unit of product.
What ARE the disadvantages of standard costing?
features of standard costing
http://www.futureaccountant.com/standard-costing-variance-analysis/ http://www.futureaccountant.com/standard-costing-variance-analysis/
standard costing and variance analysis
actual costing uses actual indirect-cost rates normal costing uses budgeted indirect-cost rates
Compare Standard costing vs variance analysis?"
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
to calculate the profit easilly
Standard costing will be the price for something. Mostly in every store. The target costing is when one says what one is willing to pay and they can negotiate the cost.
Standard costing is a set target where it is used as a goal to monitor progress
Manufacturing companies use job costing.