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Why did America enter the war in Europe when it did? Why did it not enter before?
Standard Costs
Predetermined or budgeted costs serving as benchmarks for measuring performance, commonly used for budgeting and variance analysis.
Actual Costs
The real costs incurred in the production of goods or in the provision of services.
Direct Labor Variance
The discrepancy between the expected (budgeted) cost of direct labor and the actual cost incurred during a production period.
Direct Labor Time Variance
The difference between the estimated time to produce a good and the actual time taken, often used in cost accounting.
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