Financial managerial accounting 3rd kieso ch24(standard costs and balanced scorecard)

... of inventories and reduce clerical costs LO Copyright ©2018 John Wiley & Son, Inc Distinguishing Between Standards and Budgets Both standards and budgets are predetermined costs, and both contribute... Analyzing and Reporting Variances A variance is favorable if actual costs are: a less than budgeted costs b less than standard costs c greater than budgeted costs d greater than standard costs LO... = Standard Cost $6.00 3.25 3.90 $13.15 16 Direct Materials Variances Analyzing and Reporting Variances Variances are differences between total actual costs and total standard costs Actual costs