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Direct Materials Price Variance
The difference between the actual cost and the standard cost of direct materials used in production, indicating how effectively the materials budget is being adhered to.
Per-Unit Standards
Estimates of the direct materials, direct labor, and manufacturing overhead costs required to produce one unit of a product.
Direct Labor Price Variance
The difference between the actual cost of direct labor and the expected (or standard) cost of direct labor used during production.
Direct Labor Payroll
The total amount of money paid to employees directly involved in manufacturing products or providing services.
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