Question

what do you understand by the term standard cost​

Answer 1

Answer:

An estimated or predetermined cost of performing an operation or producing a good or service, under normal conditions. Standard costs are used as target costs (or basis for comparison with the actual costs), and are developed from historical data analysis or from time and motion studies.

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Answer 2

Answer:

A standard cost is an estimated expense that normally occurs during the production of a product or performance of a service. In other words , that is theoretically the amount of money a company will have to spend to produce a product or performance a service under normal conditions.

Explanation:

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