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(a) What is a standard cost (5 points)? (b) What is a direct materials price variance (5 points)? (c) Please state at least three advantages

(a) What is a standard cost (5 points)? (b) What is a direct materials price variance (5 points)? (c) Please state at least three advantages of using standard costs and variances (9 points). (d) Please state at least two disadvantages of using standard costs and variances (6 points).

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