Any Result That Is Unlikely to Be a Chance Occurrence

question 211

Short Answer

Any result that is unlikely to be a chance occurrence because calculations indicate that it will occur less than 1 time in 20 by chance is _____.

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Definitions:

Direct Labor-Hours

The aggregate amount of time spent by staff members directly participating in the creation process.

Variable Overhead Rate

The rate at which variable overhead costs are allocated to each unit of production, based on an activity driver.

Fixed Manufacturing Overhead

Costs in the manufacturing process that remain constant regardless of the production volume, including equipment depreciation and building lease expenses.

Direct Labor-Hours

The total hours worked by employees who are directly involved in the production of goods or services.