Examlex
The sum of the labor rate and labor efficiency variances will always add up to the total labor variance.
Scrap
Material waste or remnants resulting from manufacturing processes, which may have a recoverable value or can sometimes be reused or recycled.
Inventory
The raw materials, work-in-progress products, and finished goods considered to be the portion of a business’s assets that are ready or will be ready for sale.
Irrelevant Costs
Costs that should not be considered in decision-making because they will not be affected by the decision.
Direct Fixed Manufacturing Costs
Costs that are directly attributable to the production process and do not vary with the level of output but remain constant within a specific time period.
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