The analysis of standard cost systems begins with the development of standards for direct materials, direct labor, and manufacturing overhead. Discuss standard costs and indicate how they can be used by management in planning and control.

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2. Why is it important to consider the relationship among cost, quality, and selling prices when establishing standards for direct materials?
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Answer rating: 100% (QA)

Standard Costs Standard costs are predetermined unit costs that companies expect to incur for direct materials direct labor and overhead during the pr... View the full answer