Managers develop price standards when they determine what amount should be paid for the quantity of input to be used.

Name: Managers develop price standards when they determine what amount should be paid for the quantity of input to be used.
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Question

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Price standards are developed by managers as part of the budgeting process for determining the cost of the input required to produce goods or services. This involves assessing the price to be paid for the quantity of input needed to meet production targets.

Managers Develop Price Standards When They Determine What Amount Should