Examlex
Match the following:
-Progestin
Standard Cost
A preset cost for a product under normal conditions, used as a benchmark against actual costs.
Price Variance
The difference between the actual price paid for a good or service and its expected (budgeted) price.
Standard Cost Cards
Documentation that records the expected costs of materials, labor, and overhead for a product, used for budgeting and performance evaluation.
Work in Process
Work in Process (WIP) is an account used in inventory accounting that tracks the cost of materials and labor for products that are at various stages of production but are not yet completed.
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