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Identify/define and explain the significance of the following: Richard III.
Standard Direct Materials Quantity
The amount of raw materials budgeted to be used in the production of goods, based on efficiency standards.
Waste And Spoilage
Materials or products that are lost, unusable, or less valuable due to inefficiencies or defects in the production process.
Direct Labor Quantity Standard
The amount of labor hours expected to be required to produce one unit of a product.
Wasted Time
Time that is not utilized effectively or productively in a business setting.
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