Examlex
What is the confirmation bias
Total Cost
The complete cost of producing or acquiring goods or services, including both fixed and variable components.
Direct Material Quantity Variance
The difference between the expected and actual quantity of materials used in production, affecting the total manufacturing cost.
Direct Labour Rate Variance
The difference between the actual cost of direct labor and the standard cost, which shows how well labor costs are being managed.
Direct Labour Efficiency Variance
The difference between the expected amount of labor hours needed to produce a given level of output and the actual labor hours used.
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