Question: 1. Normally, standard costs should be revised when labor rates change to incorporate new union contracts. True or False 2. Accounting systems that use standards

1. Normally, standard costs should be revised when labor rates change to incorporate new union contracts. True or False

2. Accounting systems that use standards for product costs are called variable cost systems. True or False

3. Standards are set for only direct labor and direct materials. true or false

4. If the standard to produce a given amount of product is 2,000 units of direct materials at $12 and the actual direct materials used are 1,600 units at $13, the direct materials quantity variance is $5,200 favorable. True or false

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