If actual costs are less than standard costs the variance is favorable.
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Q3: Standard costs may be incorporated into the
Q4: Normal standards should be rigorous but attainable.
Q5: A materials quantity variance is calculated as
Q6: A variance is the difference between actual
Q7: Setting standard costs is relatively simple because
Q9: Standard cost is the industry average cost
Q10: An advantage of standard costs is that
Q11: The standard predetermined overhead rate must be
Q12: A standard is a unit amount whereas
Q13: Inventories cannot be valued at standard cost
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