Examlex
Match each term with its corresponding definition or description.
-Toward the head or above
Labor Rate Variance
The difference between the actual cost of labor and the budgeted or standard cost, reflecting inefficiencies in wage rate management.
July
The seventh month of the Gregorian calendar, typically associated with the height of summer in the northern hemisphere.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit.
Materials Quantity Variance
The variance between the actual amount of materials utilized in manufacturing and the anticipated amount, multiplied by the established unit cost.
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