For calculating the costs of products and services, a standard costing system:

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  1. For calculating the costs of products and services, a standard costing system:

 

  1. only requires a simple recording system.
  2. uses standard costs to determine the cost of products.
  3. does not have to keep track of actual costs.
  4. All of these answers are correct.
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Answer: D

All of these answers are correct.

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