The following data relate to product no. 33 of Volusia Corporation:Direct labor standard: 5 hours at $14 per hourDirect labor used in production: 45,000 hours at a cost of $639,000Manufacturing activity: 8,900 units completedThe direct-labor efficiency variance is:
A. $7,100U.
B. $7,100F.
C. $7,000F.
D. $7,000U.
E. None of the answers is correct.
Answer: D
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Which of the following most likely helps to ensure that the product or service ultimately introduced has a unique value proposition?
A) the appropriate organizational structure B) a strong market orientation C) fast time-to-market D) strong support by top management
Which of the following is a type of visual aid that conveys both data and concepts?
A) Maps B) Geographic information systems C) Photographs D) Infographics E) Diagrams
A capital expenditure will result in an immediate increase in long-term assets
Indicate whether the statement is true or false
A corporation received its charter and began business this year. The company is authorized to issue 500,000 shares of $100 par, 6%, noncumulative, nonparticipating preferred stock, and 1,000,000 shares of no-par common stock. The following selected transactions occurred during this year: Mar. 5Issued 250 shares of preferred stock for $102 cash per share. July 15Exchanged 750 shares of common stock for $12,000 in legal services incurred in the organization of the company. Prepare journal entries to record these transactions.
What will be an ideal response?