The following data is given for the Taylor Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours
worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied on standard labor hours. The direct material quantity variance is:
A) 600F
B) 600U
C) 80F
D) 80U
D
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A party that enters into an illegal contract can recover the considerations given if the party:
A. reports the illegal act to law enforcement after committing it. B. rescinds the contract immediately after the illegal act has been performed. C. rescinds the contract before any illegal act has been performed. D. demonstrates an unequal bargain due to the illegal contract.
To prevent a public relations problem, which of the following might be the best way to respond to a critic who posts negative information about the company?
A) Assess the message for flaws. B) Threaten legal action unless the post is removed. C) Contact the writer privately to attempt to resolve the situation. D) Monitor feedback about the complaint before making a decision.
A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entry will result in an
A) understatement of liabilities. B) understatement of stockholders' equity. C) understatement of assets. D) overstatement of stockholders' equity.
Andrew agrees to paint Rosalene's house for $500 . Two days after he starts the job, he decides that $500 isn't enough money. He refuses to finish the job, unless Rosalene agrees to pay him $100 more. What principle applies to this fact situation?
a. The acceptance of additional money to settle a disputed claim is supported by consideration. b. A past obligation is sufficient consideration for a new promise. c. Andrew was already obligated to paint the house. He gives no additional consideration in return for Rosalene's promise to pay more money. d. Rosalene has made a promise in exchange for a forbearance.