Standard costs:A) represent the actual amount spentB) are standard pricesC) are often set based on inputs by engineersD) are never changedE) None of the choices are correct

Question

Natasha Johnlewis · Accepted Answer

Final Answer : C, Explanation :  Standard costs are often set based on inputs by engineers who analyze the cost of materials and labor required to produce a product or service. They are not the actual amount spent, nor are they standard prices that cannot be changed. Therefore, the best choice is C.

Standard costs:

A) represent the actual amount spent
B) are standard prices
C) are often set based on inputs by engineers
D) are never changed
E) None of the choices are correct

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