Discuss the development of standard costs

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Problem 1: Discuss the development of standard costs, static versus flexible budgets, preparation of a master budget, and evaluating variances from standard costs.

Problem 2: What are the advantages and disadvantages of developing and using standard costs for performance evaluation?

Problem 3:  We have covered operating and financial budgets. Which 3 budgets are the most useful and why? Explain the advantages and disadvantages of each of these 3 budgets.

Problem 4: Which 3 variances are the most useful for evaluating performance and why?

Reference no: EM132698173

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