Examlex
Which of the following legislative acts established a system of sheltered workshops for the visually impaired?
Raw Materials Price Variance
The difference between the actual cost and the standard cost of raw materials used in production.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the expected amount of materials that should have been used, measured at the standard cost.
Labor Efficiency Variance
The deviation between the actual hours taken to produce a unit of output and the standard hours expected, multiplied by the standard labor rate.
Materials Price Variance
The difference between the actual cost of direct materials and the expected cost at standard prices.
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