A Materials Price Variance Is Arrived at by Taking Standard

question 34

True/False

A materials price variance is arrived at by taking standard quantity multiplied by actual price,less standard price.

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Definitions:

Rebuilt/Exchange Unit

Refurbished equipment or components that have been restored to working order and are often exchanged for a non-functioning unit.

Differential Carrier

The housing that contains the gears of a vehicle's differential, which allows the wheels to rotate at different speeds.

Shim Pack Thickness

The total combined thickness of a set of shims, used to adjust clearances or alignments in machinery.

Gear Lube Viscosity

Refers to the thickness or resistance to flow of gear lubricants, important for ensuring the correct lubrication properties for gears and transmissions.