Outline 2 potential causes for each of the material and labour variances calculated above (Do not explain the total variances).  Explain the possible relationship between the material price and usage variances. Distinguish between ideal and attainable standards and indicate which is the better one to use  Give reasons for your answers

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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PLEASE USE THE ATTACHED PHOTO TO ANSWER THE FOLLOWING QUESTIONS

  1. Outline 2 potential causes for each of the material and labour variances calculated above (Do not explain the total variances)
  2. Explain the possible relationship between the material price and usage variances.
  3. Distinguish between ideal and attainable standards and indicate which is the better one to use  Give reasons for your answers    
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