Standard costs can be used in a process costing sys tem in combination with the FIFO method
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Standard costs can be used in a process costing sys¬ tem in combination with the FIFO method to
• assign a “normal” production cost to the equiv¬ alent units of output each period.
• allow managers to quickly recognize and inves¬ tigate significant deviations from expected pro¬ duction costs.
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Related Book For
Cost Accounting Foundations And Evolutions
ISBN: 9780324235012
6th Edition
Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn
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