Examlex
Explain the role of a SAS 70 report in reviewing internal controls.
Raw Materials
The basic materials from which products are made, usually processed in several stages in the production cycle.
Direct Labor Cost
The total cost of all labor directly involved in the production of goods or services.
Standard Cost System
An accounting framework where standard costs are used for cost control and decision making, typically involving the setting of predetermined costs for products and services.
Labor Efficiency Variance
The difference between the actual labor hours used in production and the standard labor hours expected, multiplied by the labor rate.
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