What are some of the advantages and disadvantages of Standard Costs?

WEEK 5 QUESTIONS

1.What are some of the advantages and disadvantages of Standard Costs?

2. How do managers determine what the standard cost should be?

3. How often should we revise standard costs?

4. When should variances be investigated?

5. Who should be responsible for correcting a negative variance?

6. What are some factors that can lead to variances?

7. How can variances be corrected?

8. What is Direct Labor Variances?

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