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Standard Costing (Types of standard (Expected standards (based on hope for…
Standard Costing
Types of standard
Current standard
based on current working condition (current wastage, currrent inefficiencies)
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Basic standards
unaltered for a long time, may be out of date
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Ideal standards
perfect operating conditions ie no wastage, no idle time
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Standard costing
control technique which compares standard costs and revenues with actual results to obtain variance to which are used to improve performance
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Standard cost
A predetermined estimated unit cost, used for inventory valuation and control