Refer to the Graph Shown

question 67

Multiple Choice

Refer to the graph shown. If sellers receive a price of $15, quantity supplied will equal:

• A) 25.
• B) 50.
• C) 75.
• D) 100.

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Definitions:

Total Revenue Variance

The difference between the actual total revenue earned and the expected total revenue in a period.

Direct Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, multiplied by the quantity purchased.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost multiplied by the actual hours worked.

Actual Quantity

The real amount of materials, labor, or overhead used in production or service delivery, as opposed to budgeted or standard quantities.