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A company using the periodic inventory system has inventory costing $210 on hand at the beginning of a period. During the period, merchandise costing $635 is purchased. At year-end, inventory costing $160 is on hand. The cost of goods sold for the year is
Direct Labor Hours
The total hours worked by employees directly involved in manufacturing a product or delivering a service.
Materials Price Variance
The difference between the actual cost of materials and the expected (standard) cost, used to evaluate budgeting efficiency.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard amount expected, multiplied by the standard cost.
Total Materials Variance
The difference between the actual cost of materials used in production and their standard cost, reflecting efficiency or inefficiency.
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