During October, 16,000 Direct Labour Hours Were Worked at a Standard

question 67

Multiple Choice

During October, 16,000 direct labour hours were worked at a standard cost of £6 per hour. If the labour rate variance for October was £4,000 unfavourable, the actual cost per labour hour must be

• A)£6.25.
• B)£6.00.
• C)£5.75.
• D)none of the above.

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Definitions:

R-Square Value

A statistical measure of how close the data is to the fitted regression line, also known as the coefficient of determination.

Total Variation

The overall measure of variability or spread in a dataset or the sum of explained and unexplained variation in a model.

Independent Variable

A variable in research or experiments that is manipulated or controlled by the researcher to observe its effect on the dependent variable.

Significance Level

The threshold below which a p-value is considered statistically significant, commonly set at 0.05.