Question No. 04 ABC company is a manufacturer of multi-type products including garments and bags. The management of the company believes that once standard costs have been established and used by a business, they should be updated on a regular basis. Actual costs are frequently used as basis for any updates. Though a standard costing system has introduced to the organization, the management still has some doubt about the system. Further, they have some concerns about mmanagement of Cost of Quality and impact of their activities on the environmental The ABC company wishes to consult you and obtain your advices for the issues relating to standard costing, quality and environmental cost management. Advice the company on the matters below: a) Standard costing expects calculation of variances and identification of reasons for those deviations. Variance analysis is a type of comparison of actual operations with budgeted estimates. How might variance analysis help in continuous improvement? (04 Marks)