Question: Q3. (4 Points) We have discussed Standard costs in Chapter 24. In your words, explain the difference between a budget and a variance. Then, explain

Q3. (4 Points) We have discussed Standard costs in Chapter 24.

Q3. (4 Points) We have discussed Standard costs in Chapter 24. In your words, explain the difference between a budget and a variance. Then, explain why it is important to explain any variance between actual and standard material or labor costs as being caused by price/rate hours

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