Describe a scenario in which there are both highly favorable and highly unfavorable variances. Be sure to include the actual and standard costs in your scenario.

• Describe a scenario in which there are both highly favorable and highly unfavorable variances. Be sure to include the actual and standard costs in your scenario.
• Analyze how and why you, as a manager, would prioritize the variances for analysis and how knowing these variances might help you improve efficiency.