This discussion has two parts. Address both of the parts in a 300 word response (total for both).
1. The analysis of standard cost systems begins with the development of standards for direct materials, direct labor, and manufacturing overhead. Discuss standard costs and indicate how they can be used by management in planning and control.
2. Why is it important to consider the relationship among cost, quality, and selling prices when establishing standards for direct materials?
Deliverable Length: 300 words (minimum)