Examlex
What does the gross profit percentage measure? How is it computed?
Cost of Goods Sold
The primary costs involved in the production of goods a company deals in, including the expenses for materials and labor.
Variances
Differences between planned, budgeted, or standard costs and actual costs, used in performance measurement and control.
Standard Cost
A predetermined cost of manufacturing, delivering, or producing goods under normal conditions.
Standard Cost System
An accounting system that estimates the cost of products in advance, using standard rates for materials and labor.
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