The following data is given for the Happy 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 labor time variance is:
A) 912F
B) 912U
C) 2,100U
D) 2,100F
C
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Refer to Table 11.4. On Wednesday, the 180-day forward franc was selling at a
a. 0.6 percent premium per annum against the dollar. b. 1.6 percent premium per annum against the dollar. c. 0.6 percent discount per annum against the dollar. d. 1.6 percent discount per annum against the dollar.
The principle “don’t be stupid” addresses ______.
A. the importance of truth telling in accounting and finance B. the importance of finding fraud C. the importance of conforming to accounting norms D. the importance of avoiding self-centeredness
In case of a person with dual citizenship, which of the following is true about using the lack of nationality objection for the two countries involved?
A. It cannot be used by either of the two countries against each other. B. It cannot be used by a third country against any one of the two countries involved. C. It cannot be used against the country of master nationality by the other country. D. It cannot be used by any one of the two countries against a third country.
Twilight Glitters sells ornate diamond jewelry. The company obtains diamond ore from the Yakutia region of Russia. In this scenario, the ore obtained by Twilight Glitters can be classified as _____.
A. human resources B. capital resources C. natural resources D. man-made resources