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Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. The differences between actual and standard costs are called variances. a. cost b. profit c. quantity d. volume 2. A favorable cost variance results when a. actual cost is greater than standard cost at actual volumes. b. actual cost is less than standard cost at actual volumes. c. actual cost is equal to standard cost at actual volumes. d. actual cost is greater than standard cost at budgeted volumes