A Standard Cost Is

question 66

Multiple Choice

A standard cost is

• A) the actual cost of a unit of production.
• B) a budget for the production of one unit of a product or service.
• C) useful in calculating equivalent units.
• D) the average cost within the industry.

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Definitions:

Manufacturing

The process of producing goods and products in large quantities, typically utilizing machinery and labor in factories.

Eli Whitney

Known for inventing the cotton gin, a revolutionary device that greatly impacted the agricultural and industrial sectors by dramatically increasing the efficiency of cotton harvesting.

Pure Service

Describes businesses or offerings that are based entirely on providing intangible services, rather than physical products.

Counseling

A professional service providing advice, guidance, and support to individuals or groups to improve their well-being and resolve personal or psychological challenges.