Examlex
A corporation that is unable to meet its original filing deadline may obtain an automatic twelve-month extension of the time to file its federal income tax return.
Actual Production
The real quantity of goods or services produced in a specified period, as opposed to planned or expected production levels.
Labor Rate Variance
The difference between the actual labor costs incurred and the standard labor costs expected for the labor hours worked.
Standard Costs
The estimated costs associated with manufacturing, aimed at aiding budgeting and performance evaluation.
Direct Materials Purchases Variance
The difference between the actual costs of materials purchased and the expected (or standard) costs for the materials used.
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