Examlex
Beni, Moè, and Cornoldi (1997) found that:
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.
Actual Costs
The real financial expenditures that a company incurs, as opposed to budgeted or estimated costs.
Standard Materials Quantity
The predetermined amount of materials expected to be used in the production of a single unit or a batch of product, under normal conditions.
Direct Labor Hour
A measure of the labor time specifically involved in the direct manufacture of products, not including indirect tasks.
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