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With the Advent of More Sophisticated Technology, Employers Who Operate

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With the advent of more sophisticated technology, employers who operate locally and globally and want all employees to receive the same training may opt for


Definitions:

Standard Price

A predetermined cost assigned to materials, labor, and overhead, used as a benchmark against which the actual costs are compared.

Standard Hours

The predetermined amount of time expected to complete a task or to produce a unit of output under normal conditions.

Standard Variable Overhead Rate

The predetermined rate at which variable overhead costs are expected to be incurred relative to a certain measure of activity, such as labor hours.

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