Joshua Company Prepares Monthly Performance Reports for Each Department

question 55

Multiple Choice

Joshua Company prepares monthly performance reports for each department.The budgeted amounts of wages for the Finishing Department for the month of August and for the eight-month period ended August 31 were $12,000 and $100,000,respectively.Actual wages paid through July were $91,500,and wages for the month of August were $11,800.The month and year-to-date variances,respectively,for wages on the August performance report would be:

• A)$200 F;$8,500 F
• B)$200 F;$3,300 U
• C)$200 U;$3,300 U
• D)$200 U;$8,500 F

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Definitions:

Product Ranking

The process of ordering products based on certain criteria, such as sales volume or profitability, to prioritize or make business decisions.

Processing Intermediate

A partially finished product that requires further processing or assembly before it becomes a final product.

Financial Advantage

The benefit gained in economic terms which may include aspects like cost savings, revenue increase, or any other financial gain.

Refined Sugar

Sugar that has undergone processing to remove impurities and is typically found in a granulated or powdered form.