Question: 1. Explain about the main difference between a planning budget and a flexible budget? 2. If a materials quantity variance is favorable and a materials

1. Explain about the main difference between a planning budget and a flexible budget? 2. If a materials quantity variance is favorable and a materials price variance is unfavorable, can the total materials cost variance be favorable ? Explain. 3. If standard costs are recorded in the manufacturing accounts, how are recorded variances treated at the end of an accounting period ? Explain

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