Question

The difference between a standard cost
and the comparable actual cost is​

Answer 1

Answer:

A standard cost is a pre-determined or pre-established cost to make a unit of finished product. ... Actual cost is the actual cost of direct materials, direct labor, and overhead to make a unit of product. The difference between actual cost and standard cost is called variance.

Explanation:

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Answer 2

Concept: To find the difference between a standard cost and the comparable actual cost

Given: The details about the question and the answer

Find: How different are the standard cost and the comparable actual cost?

Solution: The standard cost and actual cost can be differentiated in the following ways :

• The standard cost is always pre-determined and the standard cost is always pre-established on the other hand the actual cost is more realistic as the actual cost is the cost which is incurred.
• The standard costs are based upon the units of labour, and material, for a specific time while the actual costs are those costs which are based on First in first out(FIFO), Average Costing and Last in first out(LIFO).
• The Standard cost is the estimated cost while the actual cost is the realized cost.
• The Standard cost is not included in the financial statements of a company, on the other hand, the actual costs are included in the financial statements of a company.
• Standard costs are calculated at the beginning of the year while the actual costs are calculated for an entire year.
• In standard costs, the data is not accurate while in actual costs the data is more accurate.

Hence, now we know the difference between the standard cost and the actual cost.

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