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What kinds of companies use standard costing and what is the purpose for its use. - Who...

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Operations Management

What kinds of companies use standard costing and what is thepurpose for its use.

- Who are some companies that use standard costing?

- When and why would this be useful?

Answer & Explanation Solved by verified expert
4.4 Ratings (1065 Votes)
Standard Costing Standard costing is one of the important topics in cost accounting Standard costing is based on the historical estimated cost and management experience Standard costing refers to the accounting method in which the difference between the actual cost of produced goods and the cost that should be incurred to produce the same goods under specific conditions is calculated It is basically calculated the variance between standard cost and the actual cost to produce the same kind of goods It is a traditional costing method that was introduced in 1920 Standard costing is useful    See Answer
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