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What is the best way to establish standard costs? Strive for perfection, with the lowest imaginable costs Use historical data from when the product was

What is the best way to establish standard costs? Strive for perfection, with the lowest imaginable costs Use historical data from when the product was first being released Use ideal standards, assuming no waste or down time Adjust ideal standards for common problems in production (machine downtime due to maintenance, expected materials waste, etc)

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