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Discuss standard costs

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Reference no: EM132482001 , Length: Word count: 600

In your own words, answer this unit's discussion questions in a main post (recommended minimum 400-600 words)

Question 1: The analysis of standard cost systems begins with the development of standards for direct materials, direct labor, and manufacturing overhead. Discuss standard costs and indicate how they can be used by management in planning and control.

Question 2: Why is it important to consider the relationship among cost, quality, and selling prices when establishing standards for direct materials?

Reference no: EM132482001

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