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Describe how standard costs are determined by a manufacturing company. Describe two types of standard cost variances that are used by management to assess both

  • Describe how standard costs are determined by a manufacturing company. Describe two types of standard cost variances that are used by management to assess both the efficiency and effectiveness of comparing actual hours to standard hours.
  • Be sure to respond to at least one of your classmates' posts, and discuss appropriate real-world situations that would match each type of standard cost variance.

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