Examlex
In the circular flow diagram, households ________ goods and services and ________ labor.
Normal Standards
Benchmarks or norms established for a business process or operation that are considered to be a typical or expected level of performance.
Total Manufacturing Cost Variance
The difference between actual manufacturing costs and the standard costs of those manufactured items.
Direct Labor Cost Variance
The difference between the budgeted or standard cost of direct labor and the actual cost incurred, used in variance analysis for cost control.
Factory Overhead Cost Variance
The difference between the actual overhead costs incurred and the expected (or standard) costs, relating to production.
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