ToolTime Has a Standard of 2 Hours of Labor Per

question 130

Multiple Choice

ToolTime has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of $46,970. ToolTime's total labor variance is

• A) $770 U.
• B) $800 U.
• C) $1,030 F.
• D) $1,930 F.

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Definitions:

Global Warming

Global warming is the long-term rise in Earth's average surface temperature, primarily due to human activities like burning fossil fuels, leading to climate change.

Global Temperatures

A measure of the average temperature of the Earth's surface, which has been increasing due to factors like greenhouse gas emissions.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable on another while holding everything else constant.

Variables

Elements, features, or factors that are likely to vary or change.