Table 11.1 -Refer to Table 11.1.What Is the Value of Personal Consumption

question 30

Multiple Choice

Table 11.1

-Refer to Table 11.1.What is the value of personal consumption expenditures?

• A)$3,000.
• B)$1,000.
• C)$4,350.
• D)$2,350.

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Definitions:

Direct Labor Time Variance

The difference between the actual time taken to produce a good or service and the expected time, multiplied by the standard labor rate.

Direct Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the standard expected quantity.

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the wage rate.

Direct Labor Time Variance

The difference between the estimated time for production and the actual time taken, multiplied by the wage rate.