standard cost

noun

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

standard cost

noun

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

Word History and Origins

Origin of standard cost¹

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.

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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.

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

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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.

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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.

Read more on Los Angeles Times