(AP – SP) × AQ is the formula for the variance. (Enter only one word per blank.)

The formula you provided seems to relate to a financial or statistical calculation, specifically involving Average Price (AP), Selling Price (SP), and another variable (AQ). However, it is important to clarify what each component represents in the context of variance or profit.

In typical statistical analysis, variance is generally represented by the symbol $\sigma^2$ and is calculated as the average of the squared differences from the mean. However, in your context, it seems the formula is designed to represent a specific financial scenario.

To complete the sentence accurately, it appears the missing words correspond to two key financial concepts. The completed phrase usually involves terms such as:

1. Average Cost (for AP)
2. Selling Price (for SP)
3. Quantity (for AQ)

Thus, filling in the blanks with these relevant terms might make sense depending on the specific context of the problem. If you need further clarification on how these terms interact, please let me know!