Please Define the Following Key Terms

question 83

Short Answer

Please define the following key terms.
-Alexander I

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Definitions:

Labor Price Variance

This is the difference between the actual cost of labor and the standard cost, indicating how much more or less was paid for labor than expected.

Direct Labor Cost

This refers to the wages and benefits paid for the hours that workers directly spend on manufacturing a product or performing services.

Produced

The process of creating goods or services through the combination of labor, capital, and materials, or the outcome of such a process.

Labor Quantity Variance

This term measures the difference between the actual quantity of labor used and the expected (or standard) amount, multiplied by the standard labor rate, often used in cost accounting.