Initial Posting

TPH used flexible budgeting to get through the COVID$-19$ pandemic. Many organizations changed and flexed their plans and operations to survive. The video below describes how standards costing can help in decision$-$making for standard costs.

Croesus Financial Training: Standard Costing obrace$({)}^{\text{h}\text{a}\text{r}\text{r}}$

Answer the following questions in your initial post in the Unit $7$ Discussion:

Why is standard costing a common phenomenon in organizations? Tell something that you learned about standard costing as a flexible budget from the above video.

What characteristics of TPH products would be applicable to standard costing and flexible budgeting?