Examlex
Four elements are considered to be the major elements in the body.
Quantity Variance
The difference between the actual quantity of materials or labor used in production and the expected (or standard) quantity, affecting cost and efficiency.
Direct Labor Price Variance
The difference between the expected cost of direct labor and the actual cost incurred.
Standard Hours
The predetermined amount of time expected to be required to complete a task or produce a unit of product under normal conditions.
Actual Rate
Often refers to the real, current exchange rate in currency markets, or the real rate of interest or return on investment.
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