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The calculation of variances in standard costing is an essential tool for managers to evaluate the performance of a business. However, it is not the ultimate goal but rather a means to an end. Variances are the differences between the expected costs (standard costs) and the actual costs incurred. These variances help in identifying areas ________ ___ ____ _______ _____ _______ _______ _______ ____ _________ _______.
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