Fact Pattern 10-4  Rex Contracts with Spicy Pizza to Deliver

question 8

Multiple Choice

Fact Pattern 10-4  Rex contracts with Spicy Pizza to deliver its products. Later, both parties inform each other that they would like to cancel the contract.
Refer to Fact Pattern 10-4. Rex and Spicy

• A) may rescind their entire contract.
• B) may rescind their contract to the extent that it is executory.
• C) must perform their entire contract.
• D) must perform the part of their contract that is executory.

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Definitions:

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (standard) cost of those materials.

Overhead

The ongoing business expenses not directly attributable to creating a product or service, such as rent, utilities, and administrative costs.

Standard Labor Hours

The set amount of time expected to be used to complete a specific task or manufacture a product under normal conditions.

Direct Materials Quantity Variance

The difference between the actual amount of direct materials used in production and the standard amount expected to be used, valued at the standard cost.