Examlex
The equilibrium price of labor is called:
Actual Direct Labour Rate
This measures the actual cost per hour of labor directly involved in the manufacturing process.
Materials Price Variance
The difference between the actual cost of direct materials purchased and the standard cost, multiplied by the quantity purchased.
Standard Quantity
The predetermined amount of materials or resources expected to be used in a production process or manufacturing of a product.
Standard Price
A predetermined cost that is set for materials, labor, and overhead to evaluate financial performance against actual costs.
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