Question

A standard cost is: Group of answer choices The actual cost of a unit of production. A budget for the production of one unit of a product or service. Useful in calculating equivalent units. The average cost within the industry. The cost from prior years.

Answer 1

A budget for the production of one unit of a product or service.

Step-by-step explanation:

A standard cost is an expected cost where the company normally created at the starting of the year for the prices that are paid and the amount that are applied. It is an expected amount that should be paid for material and labor cost

So it is a budget where the production of one unit with respect to the product or service could be done