In 100 words or fewer, explain how managers can use budgets for planning.
Answer to relevant QuestionsExplain the difference between a favorable and an unfavorable variance. What is a flexible budget performance report? How is the fixed overhead volume variance different from the other variances? Setting standards for a product may involve many employees of the company. Identify some of the employees who may be involved in setting the standard costs, and describe what their role might be in setting those standards.Use the following information to prepare a standard cost income statement for Whitmer Company for2015.
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