Which of the statements are incorrect about standard costing
1
It's a branch of cost accounting that's used by a manufacturer to plan their costs for the coming year on various expenses such as direct material, direct labour or overhead.
2
Standard costing allows for cost control
3
A higher amount of production costs is often seen in a standard cost system
4
In the standard costing method, manufacturers will also be able to compare the standard cost to the actual costs, and the difference between the standard cost and actual cost is known as a variance