Lag Os Corp

question 22

Multiple Choice

Lag os Corp. recorded sales of $345,000 in 2010. In addition, its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows:
How much cash did Lagos collect from customers in 2010?

• A) $345,000
• B) $320,000
• C) $324,000
• D) $316,000

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Definitions:

Labour Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost.

Standard Cost Card

A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product.

Standard Costing

A cost accounting method that assigns predefined costs to direct materials, labor, and overhead, used to compare against actual costs for performance analysis.

Labour Efficiency Variance

The discrepancy between the actual hours worked and the standard hours expected to produce a certain level of output.