How many of these are considered to be benefits of standard costing?
$\bullet$It makes employees more aware of the impact of costs on operations
$\bullet$It serves as a target against which to evaluate performance
$\bullet$It is a cheap way of valuing inventory
$\bullet$It eliminates the need to compute variances
A) One
B) Two
C) Three
D) Four

Question

Quizplus · Accepted Answer

Standard costing makes employees more aware of the impact of costs, serves as a performance evaluation target, and is a cost-effective method for valuing inventory. It does not eliminate the need to compute variances; instead, variance analysis is a key component of standard costing systems.

How Many of These Are Considered to Be Benefits of Standard