Tangible Costs Are Costs Whose Dollar Value Cannot Be Calculated

question 41

True/False

Tangible costs are costs whose dollar value cannot be calculated easily.

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Definitions:

Direct Labor Standards

Established benchmarks that specify the amount of direct labor time and the cost that should be involved in producing one unit of finished goods.

Labor Cost

The total amount of money paid for employee wages, benefits, and taxes by a business.

Variable Overhead Efficiency Variance

The difference between the actual and expected (or standard) use of variable overheads based on the actual activity levels.

Variable Manufacturing Overhead

The portion of manufacturing overhead costs that varies directly with the level of production, such as utility costs for machinery.