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STANDAD COSTING QUES
What is standard costing?
Standard costing is a cost control technique where predetermined costs (standards) are set for materials, labour, and overheads, and actual costs are compared against these standards to identify variances.
What is a current standard in standard costing?
A standard set for current period conditions and prices.
What is a standard cost?
A standard cost is a predetermined cost calculated under specific assumed conditions of efficiency, representing the expected cost of producing one unit of output.
What is the formula for Material Cost Variance (MCV)?
MCV equals Standard Cost minus Actual Cost of material.
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