Standard Cost Card: A document which contains the brief details of the items of standard cost such as direct material, direct labor, overhead expenses or the purpose of finding out per unit cost of output. Apart from this, it also has summarized details of time taken for its completion of per unit quantity and the quantity in total. The meaning of a standard cost card and its importance.

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 7Q

To determine

Concept introduction:

Standard Cost Card:

A document which contains the brief details of the items of standard cost such as direct material, direct labor, overhead expenses or the purpose of finding out per unit cost of output. Apart from this, it also has summarized details of time taken for its completion of per unit quantity and the quantity in total.

The meaning of a standard cost card and its importance.

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 7Q

To determine

Concept introduction:

Standard Cost Card:

A document which contains the brief details of the items of standard cost such as direct material, direct labor, overhead expenses or the purpose of finding out per unit cost of output. Apart from this, it also has summarized details of time taken for its completion of per unit quantity and the quantity in total.

The meaning of a standard cost card and its importance.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 7Q

To determine

Concept introduction:

Standard Cost Card:

A document which contains the brief details of the items of standard cost such as direct material, direct labor, overhead expenses or the purpose of finding out per unit cost of output. Apart from this, it also has summarized details of time taken for its completion of per unit quantity and the quantity in total.

The meaning of a standard cost card and its importance.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 7Q

To determine