ToolTime Has a Standard of 2 Hours of Labor Per

question 129

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 labor quantity variance is

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

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Definitions:

Quantity of Loanable Funds

The total amount of funds available for borrowing in the financial markets, based on savings and the supply of credit.

Ball Court

A specific area designated for playing ball games, often found in ancient Mesoamerican sites, used for religious and social activities.

Mesoamerican Cultures

Refers to the various civilizations that flourished in Mexico and Central America before Spanish colonization, including the Aztec and Maya.

Circular Temple

A temple characterized by its circular layout, often used in ancient architecture and religious structures.