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Direct Labor Rate Variances
The difference between the actual cost of direct labor and the expected (or standard) cost, used in variance analysis to monitor labor costs.
Budgeted Standards
Budgeted standards represent targeted financial goals or benchmarks that a company aims to achieve within a certain period, often used in performance assessment and planning.
Raw Material
Basic substances in their natural, modified, or unprocessed states, used in the production or manufacturing of goods.
Direct Labor
The labor costs directly tied to the production of goods or services, such as wages for employees on the production line.
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