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Machinery that has no, or very little, value is referred to as
Labor Efficiency Variance
The variance between the real hours spent working and the anticipated standard hours, times the normal wage rate.
Standard Hours
The predetermined amount of time expected to complete a task or produce a unit of product under normal conditions.
Actual Output
The real quantity of goods or services produced by a company during a specific period.
Labor Efficiency Variance
A measure in managerial accounting that compares the actual hours worked to the standard hours planned for a process, indicating efficiency in labor usage.
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