The direct labor standards for a particular product are 4 hours of direct labor at $12.00 per direct labor-hour = $48.00.During October,3,350 units of this product were made,which was 150 units less than budgeted.The labor cost incurred was $159,786 and 13,450 direct labor-hours were worked.The direct labor variances for the month were:
Definitions:
Price Controls
Government interventions to regulate the maximum or minimum prices of certain commodities or services, aiming to prevent market imbalances.
Market Price
The existing rate at which an asset or service is available for buying or selling in a competitive environment.
Not Binding
A term used to describe agreements, conditions, or regulations that do not impose restrictions on the actions of the involved parties.
Market Effect
The impact of supply, demand, and external factors on the prices and availability of goods and services in a market.
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