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Discuss the advantages of adopting standard costs

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Reference no: EM132878903

Questions - Absorption Costing Vs Marginal Costing

Q1. Discuss the advantages of adopting standard costs concept in business.

Q2. Describe the manufacturing costs components when producing products. List one example of each cost items the is classified in each of the manufacturing costs components respectively.

Q3. Why is unit product cost always lower when using variable costing compare to absorption costing?

Q4. Why is variable costing useful to management especially in decision making?

Q5. Define/describe marginal cost with numerical illustrations.

Reference no: EM132878903

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