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When a manufacturing company uses standard costing methodology in their journal entries and accounts, a favorable variance has the effect of being a contra expense.
Machine-Hours
A measure of production time, calculated by the number of hours machines are operating in the manufacturing process.
Budget Variance
The difference between budgeted figures and actual figures for a particular accounting category.
Volume Variance
The difference between the expected and actual sales volumes, impacting revenue and expenses.
Manufacturing Overhead
All indirect costs associated with manufacturing a product, such as factory maintenance, utilities, and quality control.
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