ECONOMICS

Detailed explanation-1: -product expense card. Answer» C. Standa. View all MCQs in: Advanced Management Accounting.

Detailed explanation-2: -A standard cost card contains an itemization of the standard amounts of materials, labor, and overhead required to create one unit of a product.

Detailed explanation-3: -In a standard costing system, a record showing how the standard cost of each product is built up. The standard cost card records the standard quantities of material and the standard prices, the standard labour times, and the standard rates of pay, as well as the fixed and variable overhead rates per unit of product.

Detailed explanation-4: -A standard cost sheet calculates the total standard cost for one unit of product.

Detailed explanation-5: -The standard product costs derive from preliminary costing. On a unit basis, they are calculated by multiplying the materials required (standard quantity) with the corresponding standard material prices as well as the working hours (standard hours) with the appropriate proportional cost rates.