In a few sentences, describe how to find the standard cost of an item based on...
In a few sentences, describe how to find the standard cost of an item based on the time it takes to make it, the work center rates, and the component standard costs.
Homework Answers
Standard cost of an item is composed of the following factoral cost:
1. Cost of raw material
2. Cost of machining.
3. Employee wage.
4. Overhead cost- Salary of management,administrative cost etc.
5. Consumables cost- Tools, electricity etc
6. Space cost.
7. Marketing cost
8. Transportation cost.
All these cost are converted in terms of per unit cost depending upon the production quantity for a period. The per unit cost are added to determine the standard cost of the product.
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