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When would a variance be labeled as favorable? a. When actual costs are less than standard costs b. When standard costs are equal to actual costs c. When standard costs are less than actual costs d. When estimated costs are less than actual costs

When would a variance be labeled as favorable? a. When actual costs are less than standard costs b. When standard costs are equal to actual costs c. When standard costs are less than actual costs d. When estimated costs are less than actual costs

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 10MC: When is the material quantity variance favorable? A. when the actual quantity used is greater than...
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When would a variance be labeled as favorable? a. When actual costs are less than standard costs b. When standard costs are equal to actual costs c. When standard costs are less than actual costs d. When estimated costs are less than actual costs
Transcribed Image Text:When would a variance be labeled as favorable? a. When actual costs are less than standard costs b. When standard costs are equal to actual costs c. When standard costs are less than actual costs d. When estimated costs are less than actual costs
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