Examlex
Which of the following is true for tokenism?
Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, calculated as (Actual rate - Standard rate) x Actual hours.
Standard Hourly Rate
The predetermined cost per hour for labor, used in budgeting and costing to assign labor costs to products and services.
Standard Quantity
The budgeted or pre-determined amount of material or input expected to be used during a manufacturing process.
Standard Hours Allowed
The time that should have been taken to complete the period’s output. It is computed by multiplying the actual number of units produced by the standard hours per unit.
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