Budgeted costing, marginal costing and standard costing

Solution

A budgeted cost is a forecasted future expense that the company is expected to incur in the future. Marginal costs are the costs associated with producing an additional unit of output . Standard cost is an estimated cost determined by the company for the production of the goods and services or for performing an operation under normal circumstances. Other techniques of costing include direct costing, absorption costing and uniform costing.