A snowmobile has an initial velocity of 3.0m/s. If it accelerates at a rate of 0.05 m/s2 for 7.0 seconds, what is the final velocity?

1. The differences between actual and standard costs are called

variances.

2. A favorable cost variance results when

actual cost is less than standard cost

Explanation:

The cost variance is the difference calculated when either the actual cost is less than the standard cost or the standard cost is less than the actual cost.  If they are equal, there is no variance.  Variance reporting helps management to initiate corrective measures.  It helps to improve performance, output, or workers' productivity.