Examlex
The Phillips curve represents the Fed's short-run choices between inflation and unemployment.
Standard Cost
A predetermined cost of manufacturing a single unit or a number of product units during a specific period, used as a benchmark to control costs.
Variable Manufacturing Overhead
Costs that fluctuate with the volume of manufacturing activity, including supplies, utilities, and indirect labor.
Labor Efficiency Variance
The difference between the actual number of labor hours worked and the standard hours expected to complete the work, multiplied by the standard labor rate.
Variable Overhead Efficiency Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on the standard cost, attributed to efficiency in using resources.
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