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Richard is tasked with developing the marketing plan for his family's business.Give a general outline of the major steps of this type of plan.
Standard Price
A predetermined cost assigned to materials, labor, and overhead, used as a benchmark against which the actual costs are compared.
Standard Hours
The predetermined amount of time expected to complete a task or to produce a unit of output under normal conditions.
Standard Variable Overhead Rate
The predetermined rate at which variable overhead costs are expected to be incurred relative to a certain measure of activity, such as labor hours.
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