Which of the following statements is incorrect? Multiple Choice In deciding whether to investigate a variance, managers should not consider the materiality of the variance. A material variance is one that will influence stockholders' investment decisions. The primary advantage of a standard cost system is to price products consistently. None of these answers are correct. Which of the following factors should be considered in establishing standards for use with a standard costing system? Multiple Choice Historical data. Current and planned technology, plant layout, and operating procedures. Behavioral implications. All of these answers are correct. Virginia Company incurred $7,500 in various selling overhead costs. As a result of this transaction: Multiple Choice total assets increase. total assets, total equity, and net income are not affected. total equity and net income decrease. none of these answers are correct ielect the incorrect statement concerning the internal rate of return (IRR) method of evaluating capital projects. Multiple Choice The higher the IRR the better. The internal rate of return is that rate that makes the net present value equal to zero. If a project has a positive net present value then its IRR will exceed the hurdle rate. A project whose IRR is more than the cost of capital should be rejected