Examlex
What is illustrated in the picture?
Actual Hours
The real number of hours worked or spent on a specific task or project, as opposed to planned or estimated hours.
Direct Labour Rate Variance
The difference between the actual wages paid to workers and the standard cost of those wages for the actual hours worked.
Labour Efficiency Variance
A metric used to measure the difference between the actual hours worked and the standard hours expected to complete a task.
Standard Rate (SR)
Standard Rate (SR) refers to a predefined or established cost or value used in financial and operational calculations, often applied in budgeting and cost accounting.
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