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Which of the following statements is true with regard to the motor control hierarchy?
Variable Overhead Efficiency Variance
The difference between the standard cost of variable overheads based on expected efficiency and the actual variable overheads incurred.
Month
A unit of time, approximately 1/12th of a year, based on the Gregorian calendar.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on standard costs.
Labor Rate Variance
The difference between the actual labor rate paid and the standard or expected labor rate, impacting the total cost of production.
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