baird publications established the following standard price and costs for a hardcover picture book that the company produces. standard price and variable costs sales price $ 36.70 materials cost 8.20 labor cost 4.30 overhead cost 6.20 selling, general, and administrative costs 6.80 planned fixed costs manufacturing overhead $ 135,000 selling, general, and administrative 50,000 assume that baird actually produced and sold 26,000 books. the actual sales price and costs incurred follow: actual price and variable costs sales price $ 35.70 materials cost 8.40 labor cost 4.20 overhead cost 6.25 selling, general, and administrative costs 6.60 actual fixed costs manufacturing overhead $ 120,000 selling, general, and administrative 56,000

The price for a finished or semi-finished product that is determined based on a product calculation is the standard price. It is a set price that is applied to the items and does not account for the movement of the goods or the recording (booking) of the invoice.

The average or anticipated cost of producing a product under typical conditions is known as the standard cost. In other words, it represents the regular costs incurred by a business to manufacture things or provide services.

The standard cost can be modified over time to take into account differences between expected and actual manufacturing costs. A fixed selling price established in advance for each item sold over a certain time frame.

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