Ture/False

1. Standard costs are used in budgeting and inventory costing. T/F

2. A price variance is the difference between the actual unit cost of an input and the standard unit cost of the input, multiplied by the standard input quantity. T/F

3. Fixed costs, while generally irrelevant in the decision-making process, may change and become relevant T/F

4. It the standard quantity allowed is less than the actual quantity used, the efficiency variance is favorable. T/F

Thank you! :)