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While talking to your friend about your week, you mentioned that you had just learned...

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Accounting

While talking to your friend about your week, you mentioned that you had just learned about standard costing which plays a vital role in variance analysis. This topic interested your friend, who runs a bakery and wants to learn what he or she would need to do to set up a standard costing system for the bakery. This gives you an opportunity to share your new knowledge with your friend. What would you tell your friend about standard costing?

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