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I and II are:
Precision Drills
Specialized tools or equipment designed for creating holes with exact dimensions and tolerances.
Oil Exploration
The process of searching for underground or underwater oil reserves with the goal of drilling and extracting oil.
Standard Costs
Predetermined costs for manufacturing a product or providing a service, used as benchmarks to measure performance.
Materials Price Variance
The difference between the actual cost of materials and the expected cost at standard prices.
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