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In the United States, during part of the Great Depression, between 1931 and 1936
Standard Hours Per Unit
The estimated time required to produce one unit of a product under standard operating conditions.
Actual Output
The real quantity of goods or services produced by a company, as opposed to estimated or planned production levels.
Standard Cost System
An accounting system that uses predetermined costs for products or services to facilitate variance analysis and budgeting.
Direct Labour Hours
Total hours accumulated by workers directly involved in the fabrication process.
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