I need a substantive comment on this post:

Standard costs are predetermined costs that are used to plan and control production costs. They are set by management based on historical data, engineering estimates, and market prices. Standard costs are used to calculate standard unit costs, which are then used to determine the budgeted cost of production. There are many benefits to using a standard cost system. You can use them to improve budgeting, help control costs better, increase efficiency, and improve decision-making. One well-known company that uses a standard cost system is Nike. Nike uses standard costs to plan and control the cost of its shoes. The company has a team of engineers who set standard costs for all the materials and labor used in the production of its shoes. These standard costs are then used to calculate the budgeted cost of each shoe. Nike uses this information to make decisions about pricing, product mix, and resource allocation.