Please Define the Following Key Terms

question 64

Short Answer

Please define the following key terms.
-Seven Treasures

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity according to standards.

Direct Material Used

The raw materials directly incorporated into a product during the manufacturing process.

Variable Manuf. Overhead

Costs associated with the production process that vary with the level of output, such as utility costs and some labor expenses; it’s a focused subset of variable manufacturing costs.

Materials Quantity Variance

A measurement of the difference between the actual quantity of materials used in production and the standard quantity expected to be used, often reflecting efficiency in material usage.