Examlex
Minimum wage laws ________.
Raw Material
The basic material from which a product is made, often used in manufacturing and production processes.
Labor Efficiency Variance
The difference between the actual hours of labor worked and the expected (or standard) hours, multiplied by the standard hourly labor rate.
Direct Labor
The cost of wage-earning employees who are directly involved in the production of goods or services, such as assembly line workers.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the standard cost, demonstrating how actual labor costs differ from budgeted amounts.
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