COGS Definition

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COGS see COST OF GOODS SOLD

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FAVORABLE VARIANCE is a variance created by using or spending less of a given resource than specified by the standard, often categorized as rate (spending less per hour for labor for a given amount of production), efficiency (using less hours for a given amount of production), usage (using less materials for a given amount of production) or price (paying less to a vendor for a given purchased item).

STATUTE is an act passed by a legislative body, e.g. U.S. Congress.

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