Examlex
An operational goal of total quality management is ensuring that the organization's systems can consistently produce the product or service as it is designed.
Standard Costs
Predetermined costs for materials, labor, and overhead, against which actual costs are compared.
Cost of Goods Sold
Expenses directly associated with producing goods a company sells, entailing labor and material costs.
Standard Cost Variances
The differences between actual costs and standard costs in manufacturing, divided into categories such as materials, labor, and overhead.
Administrative Expenses
Overhead or general expenses related to the day-to-day operations of a business that are not directly tied to a specific project.
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