Luma Inc. has provided the following data concerning one of the products in its standard cost system.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials4.8 ounces$6.90 per ounceThe company has reported the following actual results for the product for September: Actual output 2,100unitsRaw materials purchased 10,500ouncesActual price of raw materials$7.80per ounceActual cost of raw materials purchased$81,900 Raw materials used in production 10,090ouncesThe raw materials quantity variance for the month is closest to:
A. $69 U
B. $69 F
C. $78 F
D. $78 U
Answer: A
You might also like to view...
If four-wheel drive capability is weighed at 40 on relative importance, and your truck scores 8 out of 10, while the three competitors score 7, 6, and 6, respectively, your truck has a relative advantage score of ________
A) 4 B) 12 C) 27 D) 40 E) 80
Top-level executives of outstanding service organizations spend incredible amounts of time setting profit goals and focusing on market share
Indicate whether the statement is true or false
Explain undue influence with an example
What will be an ideal response?
Shortly after year-end, Allen Corporation was informed of the bankruptcy of Quest. Allen Corporation showed a receivable of $20,000 (a material amount) due from Quest as of year-end-none of which seems recoverable. The receivable had been questionable for some time as Quest had been experiencing financial difficulties for the past several years. Yet, Quest's bankruptcy did not occur until after Allen Corporation's year-end. Under these circumstances: The financial statements should be adjustedThe event requires financial statement disclosure, but no adjustmentThe auditor's report should be modified for a lack of consistencyA.YesNoNoB.YesNoYesC.NoYesYesD.NoYesNo
A. Option A B. Option B C. Option C D. Option D