Examlex
When consigned goods are sold by a factor:
Standard Cost
Predetermined costs for manufacturing or service processes, used as benchmarks for performance evaluation.
Variance Investigation
The process of examining the reasons behind differences between budgeted and actual figures in finance and accounting.
Direct Material Quantity Variance
The difference between the budgeted amount of materials needed for production and the actual amount used, valued at the standard cost.
Cost Standards
Benchmarks or predetermined costs relating to the production of goods or services, serving as a yardstick for measuring actual performance against expected costs.
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