Question: Part A What is the difference between a standard and budget? Give an example of both.(5 Marks) Part B Who is usually in the best

Part A

What is the difference between a standard and budget? Give an example of both.(5 Marks)

Part B

Who is usually in the best position to explain why the variances occurred? Explain your answer (5 Marks)

DM price Variance

DM Quantity Variance

DL Rate Variance

DL Efficiency Variance

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