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Fixed Manufacturing Overhead
The portion of total manufacturing overhead costs that do not vary with the level of production or output.
Work in Process
Inventory account containing goods that are in the manufacturing process but are not yet complete.
Standard Costs
Predetermined or budgeted costs used for cost control and decision-making, serving as a benchmark for measuring performance.
Materials Price Variance
The difference between the actual cost of materials used in production and the expected (or standard) cost, reflecting changes in material prices.
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