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We have discussed the development of standard costs, static versus flexible budgets, preparation of a master budget, and evaluating variances from standard costs. Answer the

We have discussed the development of standard costs, static versus flexible budgets, preparation of a master budget, and evaluating variances from standard costs. Answer the following questions in simple/basic terms:

Which 3 (and only 3) variances are the most useful for evaluating performance and why?

After you determine the three, explain each of the variances you select in a different section.

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