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The information on energy costs is as follows: Energy budget: $8,000 Energy Actual: $9,000 Energy variances are significant. Assume a firm establishes the significance standard

The information on energy costs is as follows:

Energy budget: $8,000 Energy Actual: $9,000

"Energy" variances are significant. Assume a firm establishes the significance standard of 2% and $500 for its costs.

TRUE OR FALSE

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