Once set normal standards should not be changed during the year.
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Q12: A standard is a unit amount whereas
Q13: Inventories cannot be valued at standard cost
Q14: An unfavorable labor quantity variance indicates that
Q15: Normal standards incorporate normal contingencies of production
Q16: Actual costs that vary from standard costs
Q18: In developing a standard cost for direct
Q19: Standard cost + price variance + quantity
Q20: Standard cost cards are the subsidiary ledger
Q21: The overhead controllable variance relates primarily to
Q22: The materials price variance is normally caused
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