Which of the following statements is false? The standard cost of a product is equivalent to the budgeted cost per unit of product. A standard is a unit amount. A standard cost is more accurate than a budgeted cost. In concept, standards and budgets are essentially the same. Which of the following statements about standard costs is false? Properly set standards should promote efficiency. Standard costs can simplify the costing of inventories. Standards should not be used in "management by exception:" Standard costs facilitate management planning. Sheffield's standard quantities for 1 unit of product include 4.00 pounds of materials and 2.50 labor hours. The standard rates are $6.00 per pound and $11.00 per hour. The standard overhead rate is $12.00 per direct labor hour. The total standard cost of Sheffield's product is $51.50. $81.50. $57.50. $29.00