Examlex
Externalization is the:
Materials Purchased
The total cost of raw materials bought for use in the production process.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the quantity expected, multiplied by the standard cost per unit.
Standard Quantity
The expected amount of materials or input needed to produce a unit of output.
Actual Materials
The actual amount of materials used in the production process, measured in physical units or cost.
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