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Describe how a multiple baseline across settings design is arranged.
Labour Rate Variance
The difference between the actual cost of labour per hour and the standard cost that was expected, multiplied by the total hours worked.
Variable Overhead Efficiency Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on standard costs for the actual production achieved.
Actual Direct Labour Rate
The actual cost per hour paid to workers for their labor.
Standard Labour Rate
The predetermined cost per hour of labor, used in budgeting and costing to estimate the labor costs associated with a product.
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