Examlex
By using a word such as now to replace the five-word, 17-letter phrase at this point in time, you are avoiding using
Labor Price Variance
This is the difference between the actual cost of labor and the standard cost, indicating how much more or less was paid for labor than expected.
Direct Labor Cost
This refers to the wages and benefits paid for the hours that workers directly spend on manufacturing a product or performing services.
Produced
The process of creating goods or services through the combination of labor, capital, and materials, or the outcome of such a process.
Labor Quantity Variance
This term measures the difference between the actual quantity of labor used and the expected (or standard) amount, multiplied by the standard labor rate, often used in cost accounting.
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