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Actual Hours Worked
The real number of hours an employee or workforce spends performing tasks during a specific period, as opposed to scheduled or standard hours.
Materials Price Variance
The difference between the actual cost of materials used in production and the standard (expected) cost.
Standard Quantity Of Hours
The standard quantity of hours refers to the pre-determined amount of labor hours estimated to be necessary to produce a single unit of output.
Standard Cost Per Mip
The predetermined cost of manufacturing one unit of product, where Mip is typically a measure of output.
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