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Direct Materials
Raw materials that are directly used in the production of goods, easily traceable to the finished product.
Materials Quantity Variance
The difference between the expected quantity of materials needed for production and the actual quantity used, valued at standard cost.
Labour Rate Variance
The difference between the actual cost of labor and the expected (standard) cost, indicating efficiency in labor utilization.
Variable Overhead Efficiency Variance
The difference between the actual hours worked to produce an item and the standard hours expected, multiplied by the variable overhead rate.
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