The Standard Costs and Actual Costs for Direct Materials, Direct $\quad$

question 141

Multiple Choice

The standard costs and actual costs for direct materials, direct labor, and factory overhead for the manufacture of 2,500 units of product are as follows: Standard Costs
Direct labor $\quad$$\quad$$\quad$$\quad$ 7,500 hours @ $\$ 12$

Actual Costs
Direct labor $\quad$$\quad$$\quad$$\quad$ 7,400 hours $@ \$ 11.40$
? The amount of the direct labor time variance is:

• A) $1,200 favorable.
• B) $1,140 unfavorable.
• C) $1,200 unfavorable.
• D) $1,140 favorable.

Comprehend the relationship among different financial statements.

Calculate net income, retained earnings, and earnings per share.

Understand the process for preparing closing entries in accounting.

Prepare and interpret income statements, balance sheets, and statements of stockholders' equity.

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Definitions:

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A professional engaged in research within the clinical domain aimed at improving the understanding, prevention, and treatment of psychological disorders.