standard cost

American  

noun

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

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standard cost British  

noun

1. accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared

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Etymology

Origin of standard cost

First recorded in 1930–35

Example Sentences

In a 2019 blog post, Grubhub suggested customers tip 20 percent, which is the “standard cost,” and said to never tip less than five dollars.

From Salon

The following year, a consortium of Canadian farmers arranged to import a shipload of Russian fertilizer through Churchill’s port, saving about 10 percent on the standard cost.

From New York Times

That’ll obviously end up well above the standard cost, but what are us glasses wearers to do?

From The Verge

It also says AS Research tried to get customers to upgrade to an enhanced version of Synovia for an extra $9.95 beyond the standard cost of nearly $70, including shipping, for a one-month supply.

From Los Angeles Times

None of the costs incurred while drivers are waiting or cruising would be covered by the 30-cent mileage payout, which in any event falls well below the IRS standard cost estimate of 58 cents per mile.

From Los Angeles Times