After studying Chapter 10, you should be able to: LO 10-1 | Compute the direct materials price and quantity variances and explain their significance. | LO 10-2 | Compute the direct labor rate and efficiency variances and explain their significance.
| LO 10-3 | Compute the variable manufacturing overhead rate and efficiency variances and explain their significance.
| LO 10-4 | (Appendix 10A) Compute and interpret the fixed overhead budget and volume variances. | LO 10-5 | (Appendix 10B) Prepare journal entries to record standard costs and variances. |
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