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What are the differences between regiocentric and geocentric management orientation?
Labor Quantity Variance
The difference between the actual hours worked and the standard hours allowed for the work performed, multiplied by the standard hourly wage rate.
Produced
The completed output of goods or services as a result of manufacturing or production processes.
Materials Price Variance
The difference between the actual cost of materials used in production and the expected (or standard) cost of those materials.
Direct Materials Quantity Variance
The variance between the real amount of materials consumed in production and the anticipated standard amount, multiplied by the cost per unit according to standards.
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