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Distinguish between a standard and a budget. BE11.1 (LO 1), AP Lopez Company uses both standards and budgets. For the year, estimated production of
Distinguish between a standard and a budget. BE11.1 (LO 1), AP Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are $1,400,000 and $1,700,000, respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost.
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