Question: What are the basic objectives in the use of standard costs? What are the two variances between the actual cost and the standard cost for

  1. What are the basic objectives in the use of standard costs?
  2. What are the two variances between the actual cost and the standard cost for direct materials?
  3. What are the two variances between the actual cost and the standard cost for direct labor?

Who generally has control over the direct labor cost variances?

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