Examlex
According to Bloom's taxonomy, what is the first step toward developing high level thinking skills?
Budgeted Cost
The estimated or planned amount of money allocated for a particular purpose or period of time.
Direct Materials Cost Variance
A measure that evaluates the difference between the actual costs of direct materials used in production and the standard costs.
Direct Materials Price Variance
Direct materials price variance is the difference between the actual cost of direct materials used in production and the standard cost, indicating how much more or less was spent than expected.
Direct Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.
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