3 O points 4 Which one of the following is not an advantage of standard costing? it simplifies costing in inventories It is useful in setting selling prices it facilitates management planning It determines who is responsible for variances O points Which one of the following is not an advantage of a standard costing system? it is useful in highlighting variances for management by exception it allows for a comparison of differences between actual and standard costs it can be used as the price at which to sell a product it provides a quick basis for determining the actual cost of a product 3 O points 4 Which one of the following is not an advantage of standard costing? it simplifies costing in inventories It is useful in setting selling prices it facilitates management planning It determines who is responsible for variances O points Which one of the following is not an advantage of a standard costing system? it is useful in highlighting variances for management by exception it allows for a comparison of differences between actual and standard costs it can be used as the price at which to sell a product it provides a quick basis for determining the actual cost of a product