Miguez Corporation Makes a Product with the Following Standard Costs

question 203

Multiple Choice

Miguez Corporation makes a product with the following standard costs: The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The labor efficiency variance for September is:

• A) $1,540 F
• B) $1,687 U
• C) $1,687 F
• D) $1,540 U

Comprehend the concept and calculation of the adjusted multiple coefficient of determination.

Grasp the establishment of estimated regression equations in multiple variable contexts and the minimization of squared deviations.

Calculate and interpret various regression model statistics such as SSR, SSE, MSR, and their implications.

Determine the significance and implications of the F-test statistic in the context of multiple regression models.

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Outcome Target

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