Which of the following statements is true with regard to liability based on warranty?
a. Lack of defenses does not serve as a warranty for the transferor or the presenter.
b. Genuineness of drawer's signature is an example of warranties on presentment.
c. Article 3 imposes only one class of implied warranties called transferor's warranties.
d. Warranties on transfer apply to transfers by negotiation but exclude those that occur by assignment.
b
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Lee Maritime Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor
Lee uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: Direct materials: 2 pounds per unit; $3 per pound Direct labor: 4 hours per unit; $14 per hour Lee produced 5,000 units during the quarter. At the end of the quarter, an examination of the labor costs records showed that the company used 30,000 direct labor hours and actual total direct labor costs were $375,000. What is the direct labor cost variance? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) $45,000 Favorable B) $280,000 Favorable C) $280,000 Unfavorable D) $45,000 Unfavorable