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How would you define a standard cost?

Updated: 3/22/2024
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EncofBizandFinance

Lvl 1
13y ago

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Standard cost. An estimate of how much cost a firm should incur to produce a good or service.

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Wiki User

13y ago
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3mo ago

A standard cost is a predetermined cost that a company expects to incur in producing a unit of product or providing a service. It is used as a benchmark for evaluating actual costs and performance. The standard cost is based on factors such as historical data, industry benchmarks, and management estimates.

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