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The graph below is an ogive of scores on a math test. The vertical axis in an ogive is the cumulative relativefrequency and can also be interpreted as a percentile. Use the graph to approximate the test score that corresponds to the 40th percentile?
Manufacturing Cost Variance
The difference between the actual manufacturing costs and the standard or budgeted costs.
Actual Costs
The realized expenses incurred during the production or acquisition of goods and services.
Standard Costs
Predetermined costs for materials, labor, and overhead used as a benchmark to assess the performance of actual costs.
Direct Labor Time Variance
The difference between the estimated time to complete a job and the actual time taken, impacting manufacturing costs.
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