An implied contract is a contract which is made either verbally or in writing
Indicate whether the statement is true or false
False
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Marshall Company uses a standard cost system. Variable overhead costs are allocated based on direct labor hours. In the first quarter, Marshall had a favorable efficiency variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance?
A) The actual number of direct labor hours was lower than the budgeted hours. B) The actual variable overhead costs were higher than the budgeted costs. C) The actual variable overhead costs were lower than the budgeted costs. D) The actual number of direct labor hours was higher than the budgeted hours.
Mark's Markers, a manufacturer of white board markers, has required its dealers to charge a specified retail price for its markers. Mark's is most likely guilty of ________
A) captive pricing B) retail price maintenance C) price discrimination D) competitive pricing E) unfair price skimming
Underfoot Products uses standard costing. The following information about overhead was generated during May: Standard variable overhead rate $2 per machine hour Standard fixed overhead rate $1 per machine hour Actual variable overhead costs $390,000 Actual fixed overhead costs $175,000 Budgeted fixed overhead costs $190,000 Standard machine hours per unit produced 10 Good units produced 18,000
Actual machine hours 200,000 Using the above information provided for Underfoot Products, compute the variable overhead efficiency variance. A) $10,000 (F) B) $10,000 (U) C) $40,000 (F) D) $40,000 (U)
Organizational climate represents the tangible surface layer on top of the organization's underlying culture
Indicate whether the statement is true or false