Unformatted text preview: production process. Standard costing is often used in conjunction with process costing because of the consistency. Standard costs are determined on an annual basis and use the material and labor requirements from the bill of material along with the standard cost per unit of material or hour of labor to determine a standard unit cost. A standard overhead cost is also calculated annually and included in the product cost. Jack...
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- Fall '10
- Cost Accounting, Jack, certain pre-determined standards