Genesis Company Genesis Company Uses a Standard Cost System for Its

question 137

Multiple Choice

Genesis Company Genesis Company uses a standard cost system for its production process and applies overhead based on direct labor hours.The following information is available for September when Genesis produced 5,000 units:
$\begin{array}{ll}\text { Standard: }\\\text { DLH per unit } & 3.00\\\text { Variable overhead per DLH } & \$ 1.80 \\\text { Fixed overhead per DLH } & \$ 3.25 \\\text { Budgeted variable overhead } & \$ 27,250\\\text { Budgeted fixed overhead } & \$ 49,500\\\\\text { Actual: }\\\text {Direct labor hours }&16,000\\\text { Variable overhead}&\$31,325\\\text { Fixed overhead}&\$49,750\\\end{array}$ Refer to Genesis Company.Using the two-variance approach,what is the controllable variance?

• A)$4,075 U
• B)$4,075 F
• C)$4,575 U
• D)$4,575 F

Understand the scope and application of the Convention on Contracts for the International Sale of Goods (CISG).

Differentiate between conforming and non-conforming goods within sales contracts.

Explore the concept of insurable interests in goods, including buyers' and sellers' rights.

Understand the conditions under which a symbol, sound, or process qualifies as an electronic signature.

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Definitions:

Bowed Outward

Refers to the shape of the production possibility frontier that demonstrates increasing opportunity costs as resources are reallocated from producing one good to another.

Tennis Rackets

Sporting equipment consisting of a handled frame with a open hoop where a network of strings is stretched tightly.

Production Of Socks

The manufacturing process of creating socks, involving various steps from the sourcing of materials to the final product packaging.

Production Possibilities Frontier

A graphical representation showing the maximum combinations of goods and/or services that can be produced with a fixed set of resources.