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Perform a standard costing analysis for LMN Corporation using the following data: Cost Component Standard Cost ($) Actual Cost ($) Direct Materials $20 $18 Direct

Perform a standard costing analysis for LMN Corporation using the following data:
Cost Component Standard Cost ($) Actual Cost ($)
Direct Materials $20 $18
Direct Labor $15 $16
Manufacturing Overhead $10 $12
Requirements:
- Calculate the cost variances for each cost component.
- Present the analysis in a detailed table format.
- Discuss the significance of standard costing in performance evaluation.

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