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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Individuals or entities authorized to act on behalf of a corporation, making decisions and entering into agreements.

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Individuals appointed to manage the daily operations of a corporation, such as CEOs, CFOs, and COOs, who have specific legal responsibilities.

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A document filed with a governmental body to legally document the creation of a corporation, detailing its structure, purpose, and compliance with state laws.

Memorandum of Association

A legal document required for the formation of a company, outlining its constitution and permitted activities.