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mktrujillo mktrujillo
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The standard price of a product is comprised of several components including cost and quantity.

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List the six components and explain what each includes.
Textbook 

Managerial Accounting


Edition: 4th
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raihala49raihala49
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More solutions for this book are available here
Price standards are the expected cost of obtaining each input used in producing a product:
The direct materials price standard includes the cost of getting the materials to the
factory (purchase price, freight, storage, and net of discounts).
The direct labor price standard includes wages, fringe benefits, and payroll taxes.
The manufacturing overhead price standard is the predetermined overhead rate.
Quantity standards are the expected amount of inputs required to produce one good unit of output.
The direct materials quantity standard is the quantity of direct materials needed
to produce one unit of good output, including allowances for waste and spoilage.
The direct labor quantity standard is the amount of direct labor time required to
produce one good unit of output, including rest time and machine downtime.
The manufacturing overhead quantity standard is based on usage of the overhead
application base.

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