Examlex
A(n) ________ is an evaluation of an object in a positive or negative fashion.
Standard Quantity
The predetermined or expected amount of materials required to complete one unit of a product, used for budgeting and costing purposes.
Standard Price
The predetermined cost that a company expects to pay for goods and services; used in budgeting and cost control.
Actual Materials
The real quantity and cost of materials used in the production process, as opposed to estimated or standard materials.
Material Price Variance
The difference between the actual cost of direct materials used in production and the standard cost of those materials.
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