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The Bills of Exchange Act and the Sale of Goods Act both arose as codifications of judge-made rules.Furthermore, the original legislation in each case was intended to increase certainty and efficiency in the commercial world.There is, however, a major difference between the two statutes.One generally provides default rules that the parties are free to accept or reject.The other does not allow the parties to freely opt in and out of its sections.Which of the two statutes is less flexible and why?
Direct Labor Time Variance
The difference between the actual time taken to produce a good or service and the expected time, multiplied by the standard labor rate.
Direct Materials Quantity Variance
A measure of the difference between the actual quantity of materials used in production and the standard expected quantity.
Direct Labor Time Variance
The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the wage rate.
Direct Labor Time Variance
The difference between the estimated time for production and the actual time taken, multiplied by the wage rate.
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