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Which of the following is true regarding variances? Question 4 options: 1. Favorable variances occur whenever actual prices or actual usage of inputs are greater

Which of the following is true regarding variances?

Question 4 options:

1. Favorable variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.

2. Unfavorable variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.

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