Examlex
In the myth of Icarus,who made the wings?
Labor Price Variance
The difference between the actual cost of direct labor and the standard cost of labor that was expected during a period.
Labor Quantity Variances
The difference between the actual hours worked and the standard hours expected for the actual production level, valued at the standard labor rate.
Variance Report
A document that compares actual financial performance to budgeted or planned financial performance, identifying differences.
Overhead Controllable Variance
The difference between the actual and budgeted overhead costs that management has control over, indicative of operational efficiency.
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