To establish standard costs organisations need to identify the standard usage of resources and the standard costs of resources.

Name: To establish standard costs organisations need to identify the standard usage of resources and the standard costs of resources.
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Question

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Establishing standard costs requires organizations to determine both the standard quantity of resources needed for a task (standard usage) and the standard price of those resources (standard costs) to calculate the overall standard cost.

To Establish Standard Costs Organisations Need to Identify the Standard