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Part 2: Read each statement below (a through h). What might cause these variances in a standard cost summary for materials, labor, and factory...

Part 2: Read each statement below (a through h). What might cause these variances in a standard cost summary for materials, labor, and factory overhead. In addition, analyze, from a manager's perspective, how each variance could be corrected and explain why.

  1. An unfavorable materials price variance.
  2. A favorable materials price variance.
  3. An unfavorable materials quantity variance.
  4. A favorable materials quantity variance.
  5. An unfavorable labor rate variance.
  6. A favorable labor rate variance.
  7. An unfavorable labor efficiency variance.
  8. A favorable labor efficiency variance

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