Examlex
The following statement is true of John Calvin:
Machine-Hours
A measure of production time used in cost accounting that quantifies the hours a machine is operated.
Variable Overhead
Variable overhead refers to costs that fluctuate with production levels, such as utilities or materials used in production that can vary with output.
Efficiency Variance
The difference between the actual costs incurred and the standard costs for the actual level of production activity, indicating efficiency in resource usage.
Direct Materials
Raw materials that are directly incorporated into a finished product and can easily be traced to it.
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