- 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. 2018
- accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared