Manufacturing firms set standards for the amount and price of direct materials, direct labor, and...
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Accounting
Manufacturing firms set standards for the amount and price of direct materials, direct labor, and overhead consumed by their products. Standards establish a benchmark to be used in evaluating actual performance. They allow management to recognize when costs are not in line with the companys projections and to take corrective action. Using standard costs systems can also impact employee motivation. How so? Reply
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