What is the equation for standard cost? How do we determine standard costs of direct labor? What is the relationship between standard cost and quantity variance?

Name: Class notes chapter Standard Cost CNM ACCT 1210
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Class Notes: Chapter Standard Cost- Introduction to Managerial Accounting CNM ACCT 1210 Total Material or Labor Variance Actual Cost - Standard Cost Actual Quantity x Actual Price - Actual Quantity x Standard Price - Standard Quantity x Standard Price Price Variance + Quantity Variance Total Material or Labor Variance Exercise 15-4/ Flounder, Inc. is trying to establish the standard labor cost of a typical oil change. The following data have been collected from time and motion studies