Bonner Company's direct labor cost for March was as follows: Actual direct labor hours 30,000 Standard direct labor hours 31,500 Rate variance$4,500UTotal payroll$189,000 Labor mix variance$4,225UIs the direct labor yield variance favorable or unfavorable?
A. Favorable.
B. Unfavorable.
Answer: A
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Specific identification relies on matching unit costs with the actual units sold
a. True b. False Indicate whether the statement is true or false
__________applies to inventory situations in which one order is placed for a good in anticipation of a future selling season where demand is uncertain
A) A fixed-period inventory system B) A fixed-quantity inventory system C) The deliver-lag inventory model D) The single-period inventory model
A(n) ________ is a brief and inspirational expression of what a company aspires to be
A) tactical plan B) values statement C) operational plan D) vision statement E) summary of objectives
Caesar owns 100% of Roman Company and his basis in its stock is $35,000. He receives cash of $10,000 and property with FMV of $30,000 and basis of $50,000 in complete liquidation of his ownership interest. As a result of this transaction, which of the following statements is incorrect?
A. Caesar has a nontaxable return of capital of $35,000. B. Caesar reports a capital gain of $5,000. C. Roman Company records a loss of $20,000. D. Caesar reports dividend income of $40,000.