The Single Largest Source of a Critical Raw Material That

question 70

Multiple Choice

The single largest source of a critical raw material that fueled early American industrialization was/were the

• A) copper mines of Montana and Arizona.
• B) oil wells of Oklahoma and Texas.
• C) lead mines of Wisconsin.
• D) coal mines of Kansas and Nebraska.
• E) Mesabi iron range of Minnesota.

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Definitions:

Variable Overhead

Costs that vary in direct proportion to changes in the operational activity of a business, such as utility bills or raw material costs.

Budgeted Production

represents the amount of production planned for a future period as part of the budgeting process.

Standard Cost System

An accounting system that uses standard costs for cost control and decision making.

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.