Standard costing provides valuable information for the management and control of materials,labour and other activities related to production.

Question

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Standard costing helps in establishing cost standards for materials, labour and other activities, and provides a basis for comparison with actual costs. This information is useful for management to monitor and control production costs, improve efficiency, and make informed decisions related to pricing, budgeting, and resource allocation.

Standard Costing Provides Valuable Information for the Management and Control