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8. What is a standard cost variance, and what is the objective of variance analysis? Identify three possible causes for (1) a favorable materials price

8. What is a standard cost variance, and what is the objective of variance analysis? Identify three possible causes for (1) a favorable materials price variance; (2) an unfavorable materials price variance; (3) a favorable materials quantity variance; and (4) an unfavorable materials quantity variance.

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