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Direct Labor Variance
The discrepancy between the expected (budgeted) cost of direct labor and the actual cost incurred during a production period.
Direct Labor Time Variance
The difference between the estimated time to produce a good and the actual time taken, often used in cost accounting.
Actual Costs
Actual costs are the expenses that a company incurs for producing goods or services, including materials, labor, and overhead, as opposed to estimated or budgeted costs.
Standard Costs
The predetermined costs of manufacturing a product or providing a service, used as benchmarks against actual costs.
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