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When it comes to emotions,boys usually show
Materials Price Variance
This measures the difference between the actual cost of materials used in production and the standard cost expected for those materials, indicating how efficiently an organization is purchasing materials.
Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, calculated as (Actual rate - Standard rate) x Actual hours.
Standard Hourly Rate
The predetermined cost per hour for labor, used in budgeting and costing to assign labor costs to products and services.
Standard Quantity
The budgeted or pre-determined amount of material or input expected to be used during a manufacturing process.
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