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Please explain the following: 1. Standard Costs - reasons for standard costing, setting & revising standards, target costing 2. Direct Labor & Material Variances-direct labor

Please explain the following: 1. Standard Costs - reasons for standard costing, setting & revising standards, target costing 2. Direct Labor & Material Variances-direct labor variances, direct material variances, risk reduction & standard costs 4. Describe how managers use the internal accounting activities.

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