Question: What effect, if any, would you expect poor-quality materials to have on direct labor variances? Why are separate price and quantity variances ? Use an

  1. What effect, if any, would you expect poor-quality materials to have on direct labor variances?
  2. Why are separate price and quantity variances ? Use an example to help explain your answer
  3. What is the definition of a quantity and price standard?
  4. How might they be important to the management of a company?

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