If we know that a variance is the result of an uncontrollable price increase for a supply item that we must have, do we need to investigate and make a report regarding the variance? Why or why not?...

If we know that a variance is the result of an uncontrollable price increase for a supply item that we must have, do we need to investigate and make a report regarding the variance? Why or why not?

Answer the following questions about variance analysis.

1. Variances are differences between __________ and __________ revenues or expenses.

2. The three factors involved in variance analysis are __________, __________ and __________.