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 of standard cost
First recorded in 1930–35
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012