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| The accounting records of Foster Corporation reveal a favorable labor efficiency variance for the period just ended. Which of the following comments by Foster’s executives reflect a limited knowledge of the variance investigation process? “We can use statistical testing procedures to determine whether or not the variance should be investigated.” “Let’s look into it. Yes, our operations might be fine; however, our standard labor time may need revision.” “I don’t believe in all of these rules to decide whether or not variances should be investigated. Good judgment is the real key.” “Don’t worry – the variance was caused by a random event and is well within our range of possible acceptable outcomes.” “Why are you getting so upset?? This is a favorable variance, so let’s forget it.” A. 2 and 5 only. B. 1, 3, and 4 only. C. 4 and 5 only. D. 5 only. |