A quantity standard is the amount of input that should be used in each unit of product or service a form that shows what the company should spend to make a single unit of product the total dollar amount that a company expects to spend to achieve a given level of output

Accounting Aug 05, 2020

A quantity standard is the amount of input that should be used in each unit of product or service a form that shows what the company should spend to make a single unit of product the total dollar amount that a company expects to spend to achieve a given level of output. the price that should be paid for a specific quantity of input.

Expert Solution

There are two standards for standard costing : Price Standard and Quantity Standard

Price standard specifies the standard price / rate of input materials/labor

Quantity standard specifies standard quantity/hour of input materials/labor required for unit of product

ANSWER:

The amount of input that should be used in each unit of product or service

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