Examlex
Explain what a float is and what causes it to occur.
Materials Price Variance
The difference between the actual cost of materials purchased and the expected cost at standard pricing, indicating cost management efficiency.
Standard Quantity
The predetermined amount of materials or inputs that should be used in the production of a single unit of goods, serving as a benchmark for efficiency.
Actual Output
The real production quantity completed within a specific period.
Standard Price
The pre-determined cost that is expected to be paid for a specific item or service under normal conditions.
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