Examlex
Which statement does not apply only to international research?
Labor Efficiency Variance
The difference between the actual hours of labor worked and the expected (or standard) hours, multiplied by the standard hourly labor rate.
Direct Labor
The cost of wage-earning employees who are directly involved in the production of goods or services, such as assembly line workers.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the standard cost, demonstrating how actual labor costs differ from budgeted amounts.
Materials Price Variance
The difference between the actual cost of materials used in production and the standard cost, multiplied by the quantity of materials used.
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