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Explain how a company can control small cash payments that are made in cash rather than by cheque.
Cost Of Goods Sold
Directly attributable expenses in the making of products sold by a business, encompassing materials and labor.
Materials Quantity Variance
The variance between the real amount of materials consumed in the manufacturing process and the anticipated standard amount, measured at the standard expense.
Standard Hours
The predetermined amount of time expected to complete a task or produce a unit of product under normal conditions.
Total Standard Cost
The aggregated cost of direct materials, direct labor, and manufacturing overhead used in producing a product under standard costing.
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