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Standard Amount
A predetermined benchmark for expenses, revenues, or units produced, used for budgeting and measuring performance.
Actual Output
The quantity of finished goods or services produced by a company over a specific period.
Labor Rate Variance
The difference between the actual cost of labor and the budgeted cost of labor, based on the standard rate and actual hours worked.
Variable Overhead Rate Variance
The difference between the actual variable overhead costs incurred and the expected costs based on the standard variable overhead rate.
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