Examlex
The elementary school that was open to the children of all social and economic classes was the
Labor Efficiency Variance
The difference between the actual hours worked to produce a good or service and the standard hours expected, multiplied by the standard labor rate.
Direct Labor-Hours
The total hours worked by employees directly involved in the manufacturing process, often used as a basis for allocating overhead.
Variable Manufacturing Overhead
Overhead expenses in manufacturing that change in proportion to the amount of production activity.
Raw Materials
The basic materials from which products are manufactured or made.
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