Eli Uses a Standard Costing System $\quad\quad\quad \$ 260$

question 59

Multiple Choice

Eli uses a standard costing system. At the end of the fiscal year, only the following variance accounts had balances: Material Price Variance $\quad\quad\quad \$ 260$ (debit)
Material Quantity Variance $\quad\quad \$ 35$ (credit)
Labor Efficiency Variance $\quad\quad \$ 65$ (credit) Assuming these amounts are not considered significant, which one of the following will be part of the journal entry to close these accounts?

• A) Credit to Cost of Goods Sold for $160
• B) Debit to Manufacturing Overhead Variances for $260
• C) Debit to Cost of Goods Sold for $160
• D) Credit to Manufacturing Overhead Control for $160
• Material from the appendix to the chapter is marked with an asterisk (*).

Calculate labor force participation and unemployment rates using provided data.

Identify factors affecting labor force participation rates, including education, age, and economic conditions.

Understand the categorization of unemployed individuals, including marginally attached workers and discouragement in job search.

Distinguish between different types of unemployment: cyclical, frictional, structural, and their impact on the economy.

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