Reference: 11-01
Bryan Company Employs a Standard Cost System in Which

question 106

Multiple Choice

Reference: 11-01
Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product: $$\begin{array} { | l | c | l | c | } \hline & \text { Standard Quantity } & \text { Standard Price } & \text { Standard Cost } \\\hline \text { Direct materials } & 6.0 \text { grams } & \$ 3.50 / \text { gram } & \$ 21.00 \\\hline \text { Direct labour } & 1.3 \text { hours } & \$ 11.00 / \text { hour } & 14.30 \\\hline & & & \$ 35.30 \\\hline\end{array}$$ During March, Bryan purchased 165,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000 units of product during March using 151,000 grams of direct material and 32,000 direct labour hours.
-The price variance for the direct material acquired by the company during March is:

• A)$7,550 favourable.
• B)$8,250 favourable.
• C)$7,550 unfavourable.
• D)$8,250 unfavourable.

Recognize the rights and enforceability of third-party beneficiaries in a contract.

Comprehend the concept of privity of contract and its implications on contractual rights.

Distinguish between donee, creditor, and incidental beneficiaries in the context of contract law.

Identify conditions under which certain contractual rights cannot be assigned.

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Definitions:

Hospitalization

The process of admitting a person into a hospital for medical treatment and care.

Systolic Blood Pressure

The pressure in the arteries when the heart muscle contracts and is the higher of the two blood pressure measurements, such as 120 in 120/80.

Anorexia Nervosa

An eating disorder characterized by an obsessive fear of gaining weight, leading to restricted food intake and extreme weight loss.

Peripheral Edema

Swelling in the body's extremities, such as legs or arms, due to the accumulation of excess fluid.