SewWhat? Inc., as discussed in the chapter opener, uses a costing system with standard costs for direct
Question:
SewWhat? Inc., as discussed in the chapter opener, uses a costing system with standard costs for direct materials, direct labor, and overhead costs. Two comments frequently are mentioned in relation to standard costing and variance analysis: “Variances are not explanations” and “Management’s goal is not to minimize variances.”
Required
Write a short memo to Megan Duckett, SewWhat? Inc.’s CEO, (no more than 1 page) interpreting these two comments.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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