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Standards
Criteria or benchmarks used for measuring performance or quality in various fields, including manufacturing, auditing, and accounting.
Actual Information
Factual data or evidence that is true and accurate, without alteration or distortion.
Raw Materials Quantity Variance
The difference between the actual quantity of raw materials used in production and the estimated quantity expected to be used, measured in terms of cost.
Direct Materials Purchases Variance
This measures the difference between the actual cost of direct materials purchased and the expected (or standard) cost of those materials.
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