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Labor Rate Variance
The difference between the actual cost of labor and the budgeted or expected cost of labor, often analyzed in cost accounting.
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours expected to produce a certain level of output, multiplied by the standard labor cost per hour.
Direct Labor
Labor costs that can be directly traced to the production of specific goods or services.
Standard Costs
Predetermined costs for materials, labor, and overhead, used for budgeting and measuring performance.
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