c. a standard cost is the budgeted cost for one unit.
Standard cost is an estimated cost that the firm decides is appropriate for the production of the goods and services or for operating under typical conditions. The company derives this cost through historical data analysis or from time and motion studies. The corporation uses these pre-determined expenses as the target costs when comparing them to actual costs; the difference is the variation.
The resulting variance is then used by the management of the company to identify and address the root cause, generate additional projections for the upcoming years, and make business-related decisions. Because of how frequently the situation changes and how many unpredictable factors are involved, it almost always differs from the actual costs.
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