Standard cost

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Standard cost is a carefully determined cost of a unit of output.

Definitions

According to Cost Accounting by Horngren, Datar, Rajan (14th edition),

Standard cost. A carefully determined cost of a unit of output.

According to Managerial Accounting by Braun, Tietz (5th edition),

Standard cost. The budget for a single unit of product. Also simply referred to as standards.

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