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-manorialism
Materials Price Variance
The difference between the actual cost of materials and the expected cost based on standard pricing, used to evaluate cost management.
Purchasing Department
A division within a business that is responsible for acquiring goods and services needed for operations.
Standard Cost
A predetermined cost of manufacturing a product or providing a service, used for budgeting and performance evaluation.
Predetermined Cost
An estimated cost calculated in advance of production, used for budgeting and cost control purposes.
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