Definitions:
Indirect Materials
Small items of material such as glue and nails that may be an integral part of a finished product, but whose costs cannot be easily or conveniently traced to it.
Flexible Budget
A budget that varies or adapts based on fluctuations in activity or volume levels.
Indirect Materials Cost
The cost of materials used in the production process that cannot be directly traced to the product, such as lubricants and cleaning supplies.
Machine-Hours
A measure of production output or used capacity based on the number of hours machines are operated.
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