Examlex
Which of the following selections correctly matches the financial statement with its description?
Labor Rate Variance
A measure used in accounting to calculate the difference between the actual cost of labor and the expected (or standard) cost.
Direct Labor Cost
The total expense of paying for the labor of employees directly involved in manufacturing a product or delivering a service.
Budgeted Direct Labor Cost
The estimated cost of labor directly involved in the production process, as planned in the budget.
Labor Rate Variance
The difference between the actual cost of direct labor and the estimated cost, indicating how well labor costs were controlled.
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