Examlex
Which of the following statements is true regarding the OFCCP's regulation of affirmative action plans?
Direct Materials Quantity Variance
The difference between the actual quantity of direct materials used in production and the standard quantity expected to be used.
Standard Labor Hours
The predetermined amount of time expected to be required to complete a task or produce a unit of goods under normal conditions.
Direct Materials Price Variance
The difference between the actual cost of materials used in production and the expected (standard) cost, indicating how effectively a company controls its raw material expenses.
Standard Labor Hours
The anticipated amount of time required to produce a unit of output under normal conditions, used in budgeting and variance analysis.
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