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Assume your company sells chocolate chip cookies in bags of a dozen each. The cookies...

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Accounting

Assume your company sells chocolate chip cookies in bags of a dozen each. The cookies are made in your kitchen for now, as the company is just starting up. Estimate the direct materials and direct labor inputs needed to produce each bag of cookies. For each type of direct material (i.e. ingredients) and direct labor, determine the standard quantitiy and standard price. Since te cookes are made in your kitchen, you can ignore overhead costs. The results should be standard costing (excluding overhead) for the product or service.

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