Examlex
Identify and state the historical significance of the following:
-United Nations
Materials Price Variance
The difference between the actual cost of materials and the standard cost multiplied by the actual quantity used.
Standard Price
The anticipated or predetermined cost of a product, often used as a reference for evaluating actual costs.
Gallons
A unit of measurement for volume, commonly used to measure liquids.
Direct Labor Price Variance
A measure used in managerial accounting to calculate the difference between the actual cost of direct labor and the expected (or standard) cost, affecting the overall cost of production.
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