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The Time and Motion studies involved all the following except
Standard Costs
Pre-determined or estimated costs used as a benchmark to compare with the actual costs incurred.
Actual Costs
The real, total expenses incurred during the production or acquisition of goods and services.
Fixed Overhead
Fixed costs that do not vary with the level of production or sales over a short term, including rental expenses, salaries, and insurance.
Direct Materials Price Variance
This refers to the difference between the actual cost of direct materials and the standard cost that was expected or budgeted for those materials.
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