Standard costs play a critical role in cost management and performance evaluation within organizations. For this discussion:

State your company and its mission list its standard costs and how they are established in your industries.

Discuss the benefits and challenges of using standard costs for cost control and decision$-$making purposes within your company.

Explore the concept of variance analysis in relation to standard costs. How can variance analysis help your organization identify areas for improvement and make informed decisions?

Share your insights and examples to illustrate your points, ensuring a comprehensive understanding of standard costs in practice.

Please use new answers.