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Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, based on the hours actually worked.
Time Variances
The difference between actual time taken to perform an activity and the standard time expected.
Standard Labor Hours
The predetermined amount of time expected to be required to complete a specific task or job.
Actual Costs
The true, total costs incurred for processes or products, including all direct and indirect expenses.
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