Examlex
In the figure above, item 3 points to the ____.
Raw Materials Quantity Variance
The difference between the actual quantity of raw materials used and the expected quantity of raw materials based on the standard cost, which indicates efficiency in using materials.
Standard Cost System
An accounting system that uses standard costs for product costs, serving as a tool for planning, controlling, and decision making.
Actual Results
Actual results refer to the final outcomes or data obtained after completing a process or experiment, measured against predetermined objectives or expectations.
Variable Overhead Efficiency Variance
The difference between the actual and standard cost of variable overhead based on the efficient use of production resources.
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