Accounting Discussion

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Part 1:

What are standard costs? Is a standard different from a budget? What happens if they are set too high or too low? Are favorable variances always good and unfavorable variances always bad? How should variances be interpreted?

Part 2:

Let's look at Case 9-26, Ethics and the Manager, in Chapter 9, pages 423 and 424. What should Tom do in this situation and why? Have any of you had to deal with a similar situation in the workplace?