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What is a standard cost, and how does it differ from a budgeted cost? How are standards established for direct materials, direct labor, and variable
- What is a standard cost, and how does it differ from a budgeted cost?
- How are standards established for direct materials, direct labor, and variable manufacturing overhead?
- Are favorable variances always a result of good management decisions? Explain.
- Do most companies investigate all variances? Explain.
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