Question: Answer all 4 questions below. T horoughly explain the answer for each question Describe the Importance of Variance Analysis Discuss differences between Labor and Material

Answer all 4 questions below. Thoroughly explain the answer for each question

  1. Describe the Importance of Variance Analysis
  2. Discuss differences between Labor and Material Efficiency Variances Labor Rate Variance and Material Price Variance
  3. Discuss why is fixed overhead in the master budget the same as fixed overhead in the flexible budget.
  4. Discuss production volume variance. What does an Unfavourable production volume variance Indicate?

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