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What are the material quantity and material price variances? What are the labour quantity and labour price variances? What are the overhead quantity and overhead

  1. What are the material quantity and material price variances?
  2. What are the labour quantity and labour price variances?
  3. What are the overhead quantity and overhead price variances?
  4. Why might two of these variances occur? Select two variances to explain?
  5. What are two benefits of variance analysis?

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