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Final answer:
Explains seven purposes of standard costs, fundamental activities in a standard cost system, and the flexible budgeting process.
Explanation:
Seven Purposes of Standard Costs:
- Cost Control: Standard costs provide a benchmark to monitor and control costs.
- Performance Evaluation: They help assess individual and departmental performance.
- Inventory Valuation: Standard costs aid in valuing ending inventories.
Fundamental Activities in a Standard Cost System:
- Setting Standards: Establishing predetermined cost levels.
- Recording Variances: Analyzing differences between standard and actual costs.
- Performance Reporting: Communicating performance results.
Flexible Budgeting Process:
Flexible budgeting adjusts budgets based on actual activity, allowing for better performance evaluation.
Learn more about Standard Costs, Flexible Budgeting, Cost Analysis here:
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