Examlex
More detail is achievable through using a process called "exploding the diagrams."
Direct Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.
Standard Quantity
The predetermined amount of materials or inputs planned to be used in a manufacturing process or task.
Standard Price
A predetermined cost that companies assign to goods and services, used as a benchmark to measure the actual cost performance.
Standard Cost
A predetermined cost of manufacturing a product or providing a service, used for budgeting and performance evaluation.
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