standard cost

noun

1. a predetermined cost of material, labor, etc., based on specifications prepared from time-and-motion studies, accounting records, and the like.

standard cost

noun

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

Word History and Origins

Origin of standard cost¹

First recorded in 1930–35

Example Sentences

The standard cost for most of the old English vials under the British monopoly had been $5.50 a gross.

From Project Gutenberg