The standard labor rate is:
A. the expected hourly cost of labor, excluding employee taxes and benefits.
B. the amount of time that workers should take to produce a single unit of product times the expected hourly cost of labor.
C. the expected hourly cost of labor, including employee taxes and benefits.
D. the amount of time that workers should take to produce a single unit of product.
Answer: C
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Interviews with industry experts-individuals knowledgeable about the firm and the industry-may help formulate the marketing research problem. Which of the following statements is true about interviews with industry experts?
A) These experts may be found both inside and outside the firm. B) Typically, expert information is obtained by unstructured personal interviews without administering a formal questionnaire. C) It is helpful to prepare a list of topics to be covered during the interview. D) All of the above are true.
The salary paid to a store manager is not a traceable fixed expense of the store.
Answer the following statement true (T) or false (F)
Hargett Incorporated makes a single product--an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below:?Budgeted (Planned) Overhead:???Budgeted variable manufacturing overhead$45,450??Budgeted fixed manufacturing overhead265,050??Total budgeted manufacturing overhead$310,500??????Budgeted production (a)30,000units?Standard hours per unit (b)1.50machine-hours?Budgeted hours (a) × (b)45,000machine-hours?????Applying Overhead:???Actual production (a)34,000units?Standard hours per unit (b)1.50machine-hours?Standard hours allowed for the
actual production (a) × (b)51,000machine-hours?????Actual Overhead and Hours:???Actual variable manufacturing overhead$68,110??Actual fixed manufacturing overhead255,050??Total actual manufacturing overhead$323,160??Actual hours49,000machine-hoursRequired:a. Determine the variable overhead rate variance for the year.b. Determine the variable overhead efficiency variance for the year.c. Determine the fixed overhead budget variance for the year.d. Determine the fixed overhead volume variance for the year.e. Determine whether overhead was underapplied or overapplied for the year and by how much. What will be an ideal response?
Costs that are incurred after the split-off point in a production process are referred to as ______________________________
Fill in the blank(s) with correct word