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Which of the following are examples of involuntary risks?
Actual Materials Price
The price actually paid for raw materials used in the production process, which can be compared to the standard or budgeted cost to assess efficiency.
Standard Price
A pre-determined cost that a company expects to pay for materials, labor, and overhead expenses.
Standard Price
A pre-determined cost assigned to a product or service, often used in budgeting and performance evaluations.
Direct Materials
Raw materials that are directly traceable to the production of specific goods or services.
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