In what industries are standard costs used?
A)Manufacturing companies only
B)Service companies only
C)Both manufacturing and service companies
D)None of these answer options are correct.

Question

Quizplus · Accepted Answer

Standard costs are commonly used in both manufacturing and service industries. In manufacturing, they are used to estimate the costs of producing goods, while in service industries, they are used to estimate the costs of providing various services. Therefore, the best choice is C, as it includes both manufacturing and service companies.

In What Industries Are Standard Costs Used