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Which of the following statements is false?
Direct Labor Rate Variance
The difference between the actual cost and the standard cost of labor per unit of output, indicating efficiency in labor use.
Actual Costs
The real financial expenditures incurred by a company, as opposed to budgeted or estimated costs.
Standard Costs
Predetermined costs assigned to goods and services, used as target costs or benchmarks to compare with actual costs in order to manage and control costs.
Total Direct Labor Variance
The difference between the actual cost of direct labor used to produce goods and the standard cost of direct labor expected for those goods.
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