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. Would the use of standards be appropriate in a nonmanufacturing setting, such as a fast-food restaurant? Why? Why not?

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