Expected costs per unit of input are called:
A) Standard prices
B) Standard costs
C) Standard quantities
D) Standard ideals

Question

Quizplus · Accepted Answer

Standard costs are the expected costs per unit of input, where the input could be materials, labor, or overhead. Standard prices refer to the expected cost of purchasing materials, while standard quantities refer to the expected usage of materials. Standard ideals are not a term commonly used in cost accounting.

Expected Costs Per Unit of Input Are Called