Examlex
Socialization that occurs throughout one's adult life is referred to as
Materials Quantity Variance
The discrepancy between what was actually used in terms of material for production and what was anticipated, times the standard cost for each unit.
Direct Material
Primary materials used in the making of a product that can be directly traced to the finished good.
Materials Price Variance
The difference between the actual cost of materials purchased and the expected (standard) cost, multiplied by the quantity of materials.
Labor Efficiency Variance
A measure used to assess the difference between the actual hours worked and the standard hours allotted to complete a task, multiplied by the standard hourly labor rate.
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