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Direct Labor Time Variance
The difference between the actual hours worked and the standard hours allowed for the work done, multiplied by the standard labor rate.
Direct Labor
The cost of wages for employees who directly manufacture or produce goods.
Unfavorable
A term used to describe outcomes or variances that negatively impact a business financially or operationally.
Direct Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standardized expected quantity, valued at the standard cost per unit.
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