Assignment: Standard Cost And Variances
Answer the following-
- Explain the term "standard cost".
- What are some different types of variances?
- What does it mean if a variance is favorable?
- What does it mean if a variance is unfavorable?
- List one of the variances and explain how to calculate it.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.