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In order to maintain an undervalued yuan to encourage a trade surplus,the Chinese government must buy dollars and increase the supply of yuan.
Volume Variance
Volume variance measures the difference between the expected production volume and the actual production volume, impacting the budget and operational efficiency.
Standard Direct Labour Rate
The predetermined cost per hour for direct labor, used in budgeting and measuring operational efficiency.
Fringe Benefits
Additional compensation provided to employees beyond their normal wages or salaries, such as health insurance, retirement plans, and paid vacations.
Standard Costing System
An accounting method that assigns predetermined costs to goods and services, used to control costs and measure performance.
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