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The setup cost to make carpet is $20 per setup.The holding cost is $2.00 per yard per year,and the annual demand is 12,000 yards.The manufacturing facility operates 300 days,and 120 yards of the carpet are produced per day.Given this information,which of the following statements is true?
Variance Standard
A method used in budgeting and accounting to analyze the difference between planned financial outcomes and actual results.
Quantity Standard
A predetermined benchmark of the amount of input that should be used in the production of goods or services.
Quantity Variance
The difference between the actual quantity of material used in production and the standard quantity expected to be used.
Direct Materials
Raw materials that can be directly associated with the production of a product and are an integral part of the finished product.
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