Explain the benefits of standard costs (Learning Objective 3) Lladro is a Spanish manufacturer of porcelain art

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Explain the benefits of standard costs (Learning Objective 3)

Lladro is a Spanish manufacturer of porcelain art objects. Raw materials are mixed to form clay, which is shaped into figurines. The pieces are then glazed and fired at high temperatures.

Explain how the five benefits of standard costs (Exhibit 11-9) apply to Lladro. Be as specific as possible.

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