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Discussion

A Standard-costing system is based on the assumption that to bring a given system to market, and one needs a minimum price set so that manufacturing cost could be fully justified. This system has been accepted as the gold standard for many years. However, as in the past, it should also be kept in mind that when it comes to cost for some other industry, it might seem like people are paying the market for a particular industry, but the actual system is entirely dependent on it (Zimmerman, 2017). Because of this, in general, one does not have access to the final cost. On the other hand, if people were developing a new product, one could compare the final cost based on the specifications that have been set in the design process for the new product and compare that to the minimum price set. This approach allows people to get an idea of how to reduce costs in such a situation (Zimmerman, 2017).

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