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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: 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 direct labour efficiency variance for March is:
Recession
A period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters.
Net Exports
The value of a country's total exports minus the value of its total imports, representing a component of a nation's GDP.
Short Run
A period in which at least one input is fixed, limiting the ability of a firm to adjust all of its inputs to change output.
Unemployment
A situation where individuals who are capable of working and are actively seeking work are unable to find employment.
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