Question

What is standard costing and which industries uses standard costing?

Answer 1

Answer:

Standard costing is an essential part of costing within manufacturing organisations, used to reach what the company feels is the actual cost of a product. This is based on things like the costs of materials, labour and manufacturing overheads

Answer 2

Introduction to Standard Costing. Standard costing is an important subtopic of cost accounting. Standard costs are usually associated with a manufacturing company's costs of direct material, direct labor, and manufacturing overhead.