Which of the following statements is FAL,BE conceming standerd costs and variancea? The term standard cost refers to the cost manegement believes should be incurred to produce a good or service undet anticipated conditions: The total materid variance can be divided into a material price variance and a material volume variance. Variance analyels involves dividing the total variance belween standard and actual cost for malerial, laber and overhead into two components. Currently attainable standards are standard costs that take into account the possibility that a variety of circumstances may lead to costs that are greater than management would consider ideal. When materials are issued to production, Work in Process Inventory is debited for standards costs whle Raw Materlals imventory is crecited at actual costs