standard cost

(redirected from standard costings)
Also found in: Financial.
Related to standard costings: Cost Control

standard cost

n
(Accounting & Book-keeping) accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared
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Managing Director, Paul Durbin explains the benefits his company has seen since the implementation of the system: "The Stevens system gives us full control and confidence of all our raw material usage to meet our standard costings and enhance further our high quality finished products.

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