Standard Cost definition in an average costing environment - Question

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Standard Cost definition in an average costing environment - Question

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As I understand, costing of an item is possible only if it's part of a cost scenario and standard costs are defined. Is there any other way to costs items that don't have a standard cost defined? What value is typically expected to be given in the standard cost, when it is not even a valid in the context of an average costed item? Doesn't it result in variances? Am I missing something?

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23C

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