Provide a definition of each of the following types of bonds.
Definitions:
Standard Price
A predetermined cost that companies use as a benchmark to measure the performance of actual costs.
Fixed Overhead Volume Variance
The difference between the budgeted and applied fixed manufacturing overhead, based on the standard volumes expected to be produced.
Standard Quantity
The expected quantity of materials or inputs required for production under normal conditions.
Standard Hours Allowed
The amount of time that should be spent on producing a certain number of units under normal conditions.
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