Examlex
When selling a product,the collection of buyer-specific benefits that a seller offers to a buyer is known as:
Standard Cost Variances
The differences between the actual costs incurred and the standard costs previously set for materials, labor, and overhead in manufacturing.
Labor Efficiency Variance
The difference between the actual number of labor hours worked and the standard hours expected, multiplied by the standard labor rate.
Labor Rate Variance
The difference between the actual cost of labor and its expected cost based on standards or budgets.
Direct Labor Employees
Workers who are directly involved in the manufacturing of products, including those who operate machinery, assemble products, or perform manual labor that can be directly attributed to specific goods or services.
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