1. Explain what a standard cost is and how a manufacturer determines standards? What value do establishing standards add to a manufacturer
2. Discuss and share your thoughts on the following statement "Standard costs can be set too high or too low for motivational purposes."
3. Explain what a variance is? Provide at least two reasons why the Direct Materials in units variance might be unfavorable
4. When should standard costs be established and realisticallyhow often do you think they should be reviewed and/or changed