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A friend of yours has recently grown a beard.When you encounter him,you realize at once that something about his face has changed,but you are not certain what has changed.We can conclude from this that
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected (or budgeted) variable overhead based on a standard rate.
Labor Efficiency Variance
measures the difference between the actual labor hours used and the standard labor hours expected for the production achieved, indicating labor efficiency.
Labor Efficiency Variance
A measure of the difference between the actual number of labor hours used and the standard number of labor hours expected to produce a certain level of output.
Materials Quantity Variance
The financial difference between the actual quantity of materials used in production and the standard expected quantity.
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