Examlex
Which of the following is NOT a factor of production?
Materials Price Variance
The difference between the actual cost of materials used in production and the standard cost, indicating how effectively materials costs are managed.
Raw Materials
The basic materials and substances used in the initial stages of production.
Work in Process
Inventory that includes products that are in the production process but are not yet complete.
Labor Rate Variance
The difference between the actual cost of labor and the standard or expected cost, which can occur due to wage rate changes or differences in worker efficiency.
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