Labor Rate Variance Definition
Labor Rate Variance Definition:
A measure of the difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period.
Relevant Terms:
Other Related Accounting Articles:
- Labor Efficiency Variance Definition
- Direct Labor Efficiency Variance
- Materials Quantity Variance Definition
- Labor Rate Variance
- Direct Labor Idle Time Variance
- Materials Price Variance Definition
- Variable Overhead Efficiency Variance Definition
- Direct Material Price Variance
- Direct Material Usage Variance
- Sales Quantity Variance
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