Standards can be computed for materials,labor,and overhead.

Question

Quizplus · Accepted Answer

Standards can be computed for materials, labor, and overhead. Standards refer to the predetermined cost or quantity of inputs required to produce one unit of output. These standards can be based on historical data, industry benchmarks, or expert estimates. By setting standards, companies can measure and improve their performance, identify areas of inefficiency, and control costs.

Standards Can Be Computed for Materials,labor,and Overhead