Asked by
Timi Maria DeAsis
on Oct 15, 2024Verified
While companies strive to achieve ideal standards,reality implies that some loss of materials usually occurs with any process.
Ideal Standards
Benchmarks for costs and efficiency that represent optimal levels of performance under perfect operating conditions.
Material Loss
The reduction in value or quantity of materials resulting from waste, theft, or inefficiency during the production process.
- Distinguish between favorable and unfavorable variances.
Verified Answer
MT
Learning Objectives
- Distinguish between favorable and unfavorable variances.
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