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(1) What is a standard (within the context of chapter 23) and why can it vary from company to company? (2) Why does management need

(1) What is a standard (within the context of chapter 23) and why can it vary from company to company?

(2) Why does management need to evaluate variances and make adjustments? How often do you think a standard should change?

(3) Take a look at the criticisms of standard costs on pages 1127-1128. Which one seems the most valid to you and why?

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