Standard cost card

A standard cost card is a financial tool used by businesses to track the expected costs associated with producing goods or services. It outlines the standard costs for materials, labor, and overhead required for each product. This card helps managers set budgets, measure performance, and identify variances between expected and actual costs. By comparing these costs, businesses can assess efficiency, control expenses, and make informed decisions to improve profitability and pricing strategies. Essentially, it serves as a benchmark for evaluating operational performance and managing costs effectively.