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please solve asap Question No 3. What are the components of a standard cost system? Also compute the following : - Direct materials cost variance?

please solve asap image text in transcribed
Question No 3. What are the components of a standard cost system? Also compute the following : - Direct materials cost variance? - Direct materials efficiency variance? - Direct labor cost variance? - Direct labor efficiency variance? - Variable manufacturing overhead cost variance? - Variable manufacturing overhead efficiency variance? - Fixed manufacturing overhead variance? 20 Marks)

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