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What is the relationship between the labour efficiency variance and the variable overhead efficiency variance? Why might the monetary value be different?

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Chapter20Standardcosting

Labour/overhead efficiency variance

The labour efficiency variance and the variable overhead efficiency variance will total the same number of hours. Their monetary value is likely to be different if their hourly rates are different.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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