Multiple Select QuestionSelect all that applyAll of the following individuals work to help set standard costs: (Check all that apply.)Multiple select question.purchasing managersmanagerial accountantsproduction line employeesengineers
Question
Multiple Select QuestionSelect all that applyAll of the following individuals work to help set standard costs: (Check all that apply.)Multiple select question.purchasing managersmanagerial accountantsproduction line employeesengineers
Solution 1
All of the following individuals work to help set standard costs:
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Purchasing Managers: They are involved in setting standard costs as they negotiate prices with suppliers. They have a good understanding of the market and can help determine realistic cost standards.
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Managerial Accountants: They play a key role in setting standard costs. They analyze past performance, current market conditions, and company objectives to set these costs.
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Production Line Employees: They may not directly set standard costs, but their input can be valuable. They are the ones who are most familiar with the production process and can provide insights on how to improve efficiency and reduce costs.
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Engineers: They can help set standard costs by providing technical expertise. They can estimate the cost of materials and labor required for production, based on the design and specifications of the product.
Solution 2
All of the following individuals work to help set standard costs:
-
Purchasing Managers: They are involved in setting standard costs as they negotiate prices with suppliers. They have a good understanding of the market and can help determine realistic cost standards.
-
Managerial Accountants: They play a key role in setting standard costs. They analyze past performance, current market conditions, and company objectives to set these costs.
-
Production Line Employees: They may not directly set standard costs, but their input can be valuable. They are the ones who are most familiar with the production process and can provide insights into how costs can be reduced.
-
Engineers: They can also contribute to setting standard costs. They can provide technical expertise on the production process, which can help in determining cost standards.
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