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Budgeting is used to project revenue and costs into the future, typically twelve months. Evaluating variances from standard costs is the process of evaluating performances

Budgeting is used to project revenue and costs into the future, typically twelve months. Evaluating variances from standard costs is the process of evaluating performances against benchmarks serving as goals.

How would ABC Manufacturing speculate how benchmarks can be determined when evaluating variances from standard costs? Provide detailed examples and how you arrived at those examples.

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