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Direct Materials Price Variance
The difference between the actual cost and the standard cost of the materials used in production, reflecting how effectively a company manages its purchasing costs.
Materials Cost Per Yard
The total cost associated with acquiring materials required to produce one yard of a product.
Yards Per Unit
A measurement indicating the amount of yardage (length) required or produced per unit of a product.
Actual Costs
The real or precise cost incurred in the production of goods or in the rendering of services, as opposed to estimated or standard costs.