Examlex
During November, 10,000 direct labour hours were worked at a standard cost of $10 per hour. Suppose the direct labour rate variance for November was $4,000 unfavourable. What was the actual cost per direct labour hour?
Equivalent Units
A concept in cost accounting used to allocate costs to partially completed goods, measured in terms of the amount of work done.
First-In, First-Out
An inventory valuation method where goods first produced or acquired are sold or used first.
Job Order Costing
An accounting method used to track costs and evaluate the expenses associated with producing specific jobs or orders.
Process Costing
An accounting methodology used to allocate costs to units of production in industries where the production process is continuous.
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