Standards are used by many concerns to generate data relevant to the acquisition and utilization of the

Question:

Standards are used by many concerns to generate data relevant to the acquisition and utilization of the component cost elements in a manufacturing process. There are three basic types of standards that may be employed: (1) fixed (basic), (2) ideal, and (3) attainable. lop2 Required:

a Define the three types of standards.

b How do standards relate to cost accumulation procedures?

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