Reference: 11-05
the Dexon Company Makes and Sells a Single

question 29

Multiple Choice

Reference: 11-05
The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip: $$\begin{array} { | l | l | l | } \hline & \text { Standard Quantity of Hours } & \text { Standard Cost per Mip } \\\hline \text { Direct materials } & 6 \text { board metres } & \$ 9.00 \\\hline \text { Direct labour } & 0.8 \text { hours } & \$ 9.60 \\\hline\end{array}$$ There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 15,000 board metres at the total cost of $24,000.
Used 12,000 board feet to produce 2,100 Mips.
Used 1,700 hours of direct labour time at a total cost of $20,060.
-To record the incurrence of direct labour costs and its use in production, the general ledger would include what entry to the labour efficiency variance account?

• A)$240 debit.
• B)$1,200 credit.
• C)$480 credit.
• D)$1,200 debit.

Distinguish between interpersonal, informational, and decisional roles in management.

Comprehend how managers set agendas and prioritize action for organizational goals.

Understand the concept of controlling in the management process.

Acknowledge the importance of networking and social capital in management.

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Definitions:

Support Level

A price level at which a security tends to stop declining because of an influx of buyer demand.

Technical Analyst

A finance professional who evaluates investments and identifies trading opportunities by analyzing statistical trends gathered from trading activity.

Price Range

The difference between the highest and lowest selling prices of a good or service in a specific time period, indicative of market volatility or stability.

Mutual-Fund Performance

An assessment of how a mutual fund has achieved its investment objective over a set period, typically measured by changes in net asset value and investment returns.