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Standard Material Quantity
The specified amount of materials expected to be used in production, serving as a benchmark for cost control and efficiency.
Actual Production
The actual quantity of goods or services produced by a company during a specific period.
Normal Production
Denotes the expected volume of production achieved under standard operating conditions, without unusual increases or decreases.
Materials Price Variance
The difference between the actual cost of materials and the expected cost, indicating how effectively a company is managing its raw material costs.
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