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The sample correlation coefficient measures the strength and direction of the linear relationship between two variables.
Variable Overhead
Costs that vary in direct proportion to changes in levels of production or activity, such as materials and labor.
Rate Variance
The difference between the actual rate paid for something and the expected or standard rate, often used in budgeting and accounting.
Standard Machine-Hours
The predetermined amount of machine time expected to be used for a specific process or production activity, used for costing and efficiency measures.
Fixed Overhead
Fixed expenditures that are unaffected by production or sales volume, like rental fees, employee salaries, and insurance policies.
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