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Organizations determine standard costs for labor, materials, and overhead. Discuss variances for labor, materials, and overhead. How do these variances differ from the standard costs?

Organizations determine standard costs for labor, materials, and overhead. Discuss variances for labor, materials, and overhead. How do these variances differ from the standard costs? How is each computed? Why is calculating variances useful to an organization?

Please help answer: How do these variances differ from the standard costs?

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