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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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