Instructional Resources International (IRI) is a rapidly expanding company involved in the m ass reproduction of instructional
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Required:
1. Assume that IRI’s management is going to implement a standard- costing system and establish standards for materials and labor. Identify and discuss for each of these cost components:
a. Who should be involved in setting the standards?
b. What factors should be considered in establishing the standards?
2. Describe the basis for assignment of responsibility for variances under a standard- costing system.
(CMA, adapted)
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Related Book For
Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-0078025662
10th edition
Authors: Ronald Hilton, David Platt
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