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Accounting _Lesson 12 Essay

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Q Standard Costs a. Select at least two of the following types of organizations and describe at least two types of standard costs they might use: • Cleaning service • Insurance agent/agency • Physician’s office • Lube and tire shop b. Additionally, explain the types of direct and overhead variances each of your selected organizations might encounter. Provide an example of each.

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A standard cost can be regarded as a cost that is predetermined by producing a specific quantity or a single unit of a product during a particular period. The cost is planned for a product under anticipated or/and current conditions of operating. Two components are there of a standard cost which are prices (per unit rate of input or a standard cost) and a physical standard (inputs in a standard quantity per output unit) ("What is Standard Cost?", 2018).