1. One of the purposes of standard costs is to __________.
A. Serve as a basis for product costing for external reporting purposes
B. Replace budgets and budgeting
C. Simplify costing procedures and expedite cost control
D. Eliminate accounting for under-or over-applied factory overhead at the end of the period
2. Two proposed projects require a common input, so no more than one may be chosen. Those projects are:
A. Nonconventional
B. Conventional
C. Mutually exclusive
D. Independent