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Rate Variance
The difference between the expected rate of return on a project or investment and the actual rate achieved.
Total Direct Labor Cost Variance
The difference between the actual cost of direct labor used in production and the expected (or standard) cost.
Materials Price Variance
The difference between the actual cost of materials and the expected cost at standard prices, indicating how much was saved or overspent.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected to be used, valued at the standard cost.
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