Examlex
During the second phase of the PQR process:
Variances
The difference between planned or expected financial outcomes and the actual results.
Direct Materials
Raw materials that directly become a part of the finished product and can be easily traced to it.
Standard Cost
A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated operating conditions.
Direct Labor Variances
The differences between the actual costs of direct labor and the standard or expected costs, used for budgeting and cost control.
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