Examlex
Which of the following statements is not true?
Completed Unit
A unit of product that has undergone the entire production process and is ready for sale or distribution.
Direct Labor Time Variance
The difference between the actual hours worked by employees at the actual labor rate and the standard hours worked at the standard labor rate, used to measure efficiency and productivity in production.
Standard Costs
Predetermined or estimated costs for materials, labor, and overhead used for cost control and budgeting purposes.
Actual Costs
The real financial expenditures that a company incurs, as opposed to estimated or budgeted costs, including expenses for materials, labor, and overhead.
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