When Standard Costs Are Used as Benchmarks, They Are Compared

question 3

True/False

When standard costs are used as benchmarks, they are compared to actual costs using either weighted average or FIFO costs.

---

Definitions:

Organizational Structure

The system of tasks, workflows, reporting relationships, and communication channels that link together the diverse parts of an organization.

Benefits of Scale

Advantages obtained from expanding the size of operations, which often lead to reduced costs per unit.

Undifferentiated Marketing

A marketing strategy that does not segment the market, but rather targets the whole market with one offer or message.

Wide Appeal

The characteristic of a product, service, or content that makes it attractive to a broad and diverse range of consumers or audiences.