Examlex
The Austrian monarchy never became a highly centralized, absolutist state, because it included too many different national groups.
Cost of Goods Sold
The direct costs associated with producing goods that have been sold, including materials and labor.
Standard Cost System
An accounting method that uses predetermined costs for products and services to help managers control expenses and operations.
Labor Rate Variance
The variance between the real labor expenses and the anticipated (or benchmark) cost.
Labor Efficiency Variance
The gap between the number of hours actually worked and the number of standard hours projected, multiplied by the standard wage rate.
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