Standard costing is typically an inexpensive component to add to a company's existing cost accounting system.

Name: Standard costing is typically an inexpensive component to add to a company's existing cost accounting system.
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Quizplus · Accepted Answer

Standard costing can be complex and costly to implement and maintain, as it requires detailed analysis of production processes, materials, labor, and overhead costs to establish standard costs, and continuous monitoring and adjustment based on actual performance.

Standard Costing Is Typically an Inexpensive Component to Add to a Company's