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An important lesson from the Hayes and Wheelwright product-process matrix is:
Variable Overhead Rate
The rate at which variable overhead costs are allocated to each unit of production, which may vary with the level of output.
Direct Labor-Hours
Overall employment hours dedicated directly to the manufacturing operation.
Labor Rate Variance
The difference between the actual cost of labor and the budgeted or standard cost, calculated based on hours worked and wage rates.
Labor Standards
Standards specifying the amount of time needed to complete a specific task or produce a set quantity of products.
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