JWI 530 week 7 discussion .docx - Professor Fowler and...

Professor Fowler and class,
For this week I’m proceeding with option 1 standard cost is a predetermined cost, a
potential estimated future cost, expected cost, a budget cost. Standard costs are
part of companies operating budget annual report(1). An example I can use is when
I was growing up around the age of five through seven my parents would give me
and my brother and sister chores to do around the house to earn an allowance. My
parents would pay me and my brother five dollars for the chores that we
completed. Our sister would get ten dollars per chore she completed she received
more money because she was a few years older than me and my twin brother. My
parents established that five dollars were good enough for my brother and me due
to they went through that process with my sister and it was successful. My parents