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The flexible budget breaks down into the rate and efficiency variances for direct labor.
a.List two reasons why actual wage rates might differ from standard wage rates,resulting in a direct labor rate variance.
b.List two reasons why actual labor hours might differ from standard labor hours,resulting in a direct labor efficiency variance.
Enforceable
A term referring to an agreement, contract, or law that is legally valid and can be upheld or compelled in a court of law.
Partnership
A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.
Individual
Pertaining to or characteristic of a single, particular person or thing as opposed to a group.
Mining Partner
A member of a partnership formed for the purpose of mining activities, sharing in the profits and liabilities of the venture.
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