Examlex
Define the slave codes and explain their significance.
Machine Hours
A measure of the amount of time a machine is operated, used as a basis for allocating factory overhead costs to products.
Standard Cost
A predetermined cost of manufacturing a product or performing a service, used as a benchmark to measure performance.
Direct Labor
The cost of the work performed by employees directly involved in manufacturing a product or providing a service.
Time Variance
The gap between the time actually needed to accomplish a task and the time that was anticipated for it.
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