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Standard costs are used to help manage and analyze a company's cost. With a standard to which an actual cost can be compared, managers can determine if too much labor or materials were used. They can develop cost-cutting strategies to help improve the company's bottom line. Standard costs can also be used to help ensure quality. In this assignment you will practice using standard costs to determine variance.
Instructions
Problem 1: Prepare the following information in a document:
1.1. Compute the volume variance for the month of June.
1.2. Compute the rate variance for the month of June.
1.3. State whether each volume variance and rate variance is favorable or unfavorable.
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