Examlex
Describe in detail each of the three main types of economic systems and give examples of countries that fall into each category.
Labour Efficiency Variance
The difference between the actual hours worked and the standard hours expected to produce a certain number of units, multiplied by the standard hourly wage rate.
Actual Direct Labour Rate
This measures the actual cost per hour of labor directly involved in the manufacturing process.
Materials Price Variance
The difference between the actual cost of direct materials purchased and the standard cost, multiplied by the quantity purchased.
Standard Quantity
The predetermined amount of materials or resources expected to be used in a production process or manufacturing of a product.
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