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A sun-screen suntan lotion that has an SPF rating of 16. What does this mean in terms of sun exposure?
Variances
The difference between planned, budgeted, or standard costs and actual costs, often analyzed to understand and improve business performance.
Standard
A level of quality or attainment.
Unfavorable Direct Materials Price Variance
A financial metric indicating that the actual cost of direct materials was higher than the planned or standard cost, leading to a decrease in profitability.
Standard Price
Standard price is a pre-determined cost assigned to materials, labor, and overheads to measure variances in budgeting and accounting.
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