standard purchase price

standard purchase price
A predetermined price set for each commodity of direct material for a specified period. These prices are compared with the actual prices paid during the period in order to establish direct materials price variances in a system of standard costing

Accounting dictionary. 2014.

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  • standard purchase price — A predetermined price set for each commodity of direct material for a specified period. These prices are compared with the actual prices paid during the period in order to establish direct materials price variances in a system of standard costing …   Big dictionary of business and management

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