⭐ Important points (exam-critical)
- ⭐F (Favourable) when actual < standard for cost; A (Adverse) otherwise.
- ⭐Standards: Ideal, Normal, Basic, Current — each suited to different purposes.
- ⭐Reconciliation between standard and actual profit using variances is a 12-mark sum.
- ⭐Mix variance arises only when there are 2+ inputs; total of sub-variances must equal main.
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