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What is the role of self-governing professional bodies?
Quantity Variance
Measures the difference between the actual amount of materials or labor used in production and the amount that should have been used, according to standards.
Standard Price
The predetermined cost of acquiring a product or receiving a service under normal conditions.
Pounds
Often refers to a unit of weight used primarily in the British imperial and United States customary systems.
Materials Variance
The difference between the actual cost of materials used in production and the expected (standard) cost of those materials.
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