Which one of the following is often used to determine a standard price for materials?
A)Time-and-motion studies
B)A union labor contract
C)Price lists provided by suppliers
D)Materials requisition forms

Question

Quizplus · Accepted Answer

Price lists provided by suppliers are often used to determine a standard price for materials as they provide the most up-to-date and accurate information on the cost of materials from different suppliers. Time-and-motion studies are used to determine the most efficient way to perform a task, union labor contracts regulate the salaries and benefits of union workers, and materials requisition forms are used to track the use of materials within a company, but none of these are specifically used to determine a standard price for materials.

Which One of the Following Is Often Used to Determine