The Labor Mix Variance Is Actual Total Hours At

question 68

Multiple Choice

The labor mix variance is actual total hours at:

• A) actual mix times actual labor rates less actual total hours at actual mix times standard labor rates.
• B) actual mix times standard labor rates less standard total hours at standard mix times standard labor rates.
• C) actual mix times standard labor rates less actual total hours at standard mix times standard labor rates.
• D) standard mix times standard labor rates less standard total hours at standard mix times standard labor rates.

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Definitions:

Supply Curve

A graphical representation showing the correlation between the price of a good or service and the amount that suppliers are willing to produce and sell at each price level.

Quantity Demanded

The aggregate quantity of a product or service that buyers are ready and able to buy at a specific price point during a certain timeframe.

Quantity Supplied

The sum total of a product or service that manufacturers are ready and capable of offering for sale at a particular price during a defined timeframe.

Oropharynx

The middle part of the throat behind the mouth, which includes the back one-third of the tongue, tonsils, and soft palate.