standard cost

standard cost

noun
a predetermined cost of material, labor, etc., based on specifications prepared from time-and-motion studies, accounting records, and the like.
Compare actual cost.


Origin:
1930–35
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2012.
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Standard cost is always a great word to know.
So is lollapalooza. Does it mean:
an extraordinary or unusual thing, person, or event; an exceptional example or instance.
an arrangement of five objects, as trees, in a square or rectangle, one at each corner and one in the middle.
Collins
World English Dictionary
standard cost
 
n
accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared

Collins English Dictionary - Complete & Unabridged 10th Edition
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