For Each Historical Identification Question, Define the Term and Briefly

question 9

Short Answer

For each historical identification question, define the term and briefly describe its historical significance.
Cosimo de'Medici

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Definitions:

Labour Efficiency Variance

This is a measure of the difference between the actual labor hours used in production and the standard labor hours expected to produce the same level of output.

Variable Manuf. Overhead

Indirect, variable costs incurred during the manufacturing process, excluding direct labor and direct materials.

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected, multiplied by the standard labor rate.

Direct Labour Used

The total effort, measured in hours or costs, of workers directly involved in the manufacturing process of a product.