Examlex
How would each of the following events affect the supply of compact cars?
I. The price of steel rises.
II. The production technology for car manufacturing improves.
III. The price of sport utility vehicles falls.
Materials Price Variance
The difference between the actual cost of direct materials and the standard cost, reflecting how effectively a company is purchasing materials.
Materials Quantity Variance
A financial metric used in cost accounting to measure the difference between the actual quantity of materials used in production and the expected quantity.
Cost of Goods Sold
The immediate expenses related to the production of a company's sold goods, involving materials and labor.
Labor Efficiency Variance
Labor efficiency variance is a measure of the difference between the actual hours worked by employees versus the standard or expected hours worked to produce a certain amount of goods.
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