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Quantity Variances
Differences between actual and expected (or standard) quantities of inputs or outputs in the production process, affecting costs.
Standard Cost Sheet
A document that outlines the expected costs associated with the production of a product, including materials, labor, and overhead.
Labor Price Variance
The difference between the actual cost of direct labor and the standard cost of labor that was expected during a period.
Labor Quantity Variances
The difference between the actual hours worked and the standard hours expected for the actual production level, valued at the standard labor rate.
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