Examlex
What are the assumptions of linear programming? Provide examples of each.
Direct Materials
Components that are directly associated with the creation of a product and form a crucial part of the completed item.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.
Standard Quantity
The predetermined or budgeted amount of materials expected to be used in the production of a product, based on efficiency and productivity standards.
Variable Overhead Efficiency Variance
The difference between the actual hours taken to produce a good and the standard hours expected, multiplied by the variable overhead rate.
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