Williams Incorporated estimated overhead to be $440,000 and direct labor hours to be 100,000 for the year. Actual direct labor ended up being 120,000 hours. Actual overhead for the year amounted to $500,000.
Definitions:
Labor
The physical and mental effort used in the production of goods and services by workers.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity of that good supplied by producers, achieving a state of market balance.
Marginal Cost
The additional cost incurred to produce one more unit of a good or service.
Marijuana
A psychoactive drug from the Cannabis plant, used for medical or recreational purposes.
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