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The difference between standard costs and budgeted costs is that standard cost: A refers to a single unit while budgeted costs refer to the cost,
The difference between standard costs and budgeted costs is that standard cost:
A refers to a single unit while budgeted costs refer to the cost, at standard, for the total number of budgeted units.
B is calculated under ideal conditions, while budgeted costs are calculated for attainable conditions.
C is calculated for raw material while budgeted costs are calculated for direct labor.
D is part of the management accounting system, while budgets are part of the financial accounting system.
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