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What is a standard cost? 5 points What are a direct materials price variance? Please state at least three advantages of using standard costs and

What is a standard cost? 5 points

What are a direct materials price variance?

Please state at least three advantages of using standard costs and variances?

Please state at least two disadvantages of using standard costs and variances?

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1 Answer Standard cost is defined in the CIMA Official Terminology as the planned unit cost of the product component or service produced in a period The standard cost may be determined on a number of ... blur-text-image

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