EKPN CoProduces Wooden Boxes

question 18

Multiple Choice

EKPN Co.produces wooden boxes.The company's standards per box require 6 boards, each costing $10 per board, and half of an hour of direct labour.The standard labour rate is $15 per hour.In August, EKPN Co.Purchased 12,000 boards for a total cost of $123,000.It used 11,500 boards to manufacture 1,900 boxes.Total labour hours were 1,000 hours, and total labour costs were $16,250.What was the material quantity variance for August?

• A)$5,000 U
• B)$5,000 F
• C)$1,000 U
• D)$1,000 F

Understand the significance of the Internet of Things (IoT) and artificial intelligence (AI) in marketing.

Recognize social trends such as health and wellness, sustainability, and how they influence marketing initiatives.

Describe the characteristics of generational cohorts and their importance to marketers.

Understand the changing landscape of income distribution in the United States and its implications for marketing.

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenues and expenses for an accounting period before transferring the net income or loss to owner's equity.

Revenue and Expense Accounts

Accounts in the general ledger that track the income generated from sales and the costs incurred during business operations, respectively.

Worksheet

A document or spreadsheet used for planning, adjusting entries, and preparing financial statements before they are finalized in official reports.

Income Statement

A financial statement that reports a company's financial performance over a specific period by detailing revenues, expenses, and net income.