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Black sharecropping
Normal Standards
Predetermined costs or benchmarks that are established based on the historical performance and expected future costs, used to measure production efficiency and budget compliance.
Rigorous
Characterized by strict precision, accuracy, and careful attention to detail.
Materials Quantity Variance
The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.
Standard Direct Materials
The pre-determined amount and cost of raw materials used in the production of a product.
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