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Some statisticians have shown that instead of using the special procedures involved in rank-order tests,approximately the same results can be obtained by transforming the scores into ranks and then
Actual Cost
The true financial expenditure required to produce a product or service, as opposed to budgeted or standard costs.
Labour Rate Variance
The difference between the actual cost of direct labor and the standard cost of direct labor multiplied by the actual hours worked.
Direct Labour
Rephrased: The workforce directly involved in manufacturing products or providing services, whose costs directly affect the cost of goods sold.
Variable Manuf. Overhead
Variable Manufacturing Overhead includes those manufacturing overhead costs that vary directly with the level of production, such as utilities for the production facility.
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