Examlex
Consider the two causes for the conservative belief in family conformity.
Gross Profit
The financial gain made after deducting the cost of goods sold from total revenue.
Variance
The difference between planned or budgeted amounts and the actual amounts incurred, used for performance evaluation and control.
Actual Costs
The true expenses incurred in the production of a product or the provision of a service, as opposed to estimated or budgeted costs.
Material Variance
Material variance is the difference between the actual cost of materials used in the production process and the expected (or standard) cost, used to analyze and control costs in manufacturing.
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