(Solved): Which ONE of the following is NOT one of the steps in establishing and operating a standard cost sys ...

Which ONE of the following is NOT one of the steps in establishing and operating a standard cost system? Identify variances (differences between actual and standard costs) Analyze causes of significant, controllable variances Report the variances to the responsible managers Take action to eliminate variances (or revise the standard) Apply manuacturing overhead Record the variances Collect actual costs Develop standard costs