by product is valued at standard cost under
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ripper is most valued caost
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standard costing is an important subtopic of cost accounting. Historically, standard costs have been associated with a manufacturing company's costs of direct materials, direct labor, and manufacturing overhead.
Rather than assigning the actual costs of direct materials, direct labor, and manufacturing overhead to a product, some manufacturers assign the expected or standard costs. This means that a manufacturer's inventories and cost of goods sold will begin with amounts that reflect the standard costs, not the actual costs, of a product. Since a manufacturer must pay its suppliers and employees the actual costs, there are almost always differences between the actual costs and the standard costs, and the differences are noted as variances.
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