standard costing

Definition

A management tool used to estimate the overall cost of production, assuming normal operations.

Use standard costing in a sentence

You should always try to come up with the best standard costing that you can so that you get it done right.

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When I started my small business, I utilized standard costing to determine my overall cost of production, which helped me secure a small business loan.

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When preparing the estimate for the renovation of this apartment, I use standard costing which determines the general cost for such a project given everything goes as planned.

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standard cost standard deduction