Assume That the Standard Cost to Make One Finished Unit

question 92

Multiple Choice

Assume that the standard cost to make one finished unit includes two hours of direct labor at $8 per hour. During April, 22,000 direct labor hours were worked, 10,500 units of product were manufactured, and total direct labor cost was $170,000. What is the (approximate) labor efficiency variance for April?

• A) $8,095 unfavorable
• B) $8,000 unfavorable
• C) $8,000 favorable
• D) $8,095 favorable

Comprehend the concept of ratification and its effect on minors' contracts once they reach the age of majority.

Understand the effects of intoxication on contract enforceability and the concept of voidable contracts.

Identify legal constraints on contracts including usury, licensing requirements, and unconscionable terms.

Describe the consequences of changes in law on existing contracts.

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Definitions:

Economic Growth

An increase in a nation's production of goods and services, measured by its gross domestic product (GDP) over time.

Consumer Goods

Items produced for personal consumption by individuals and households.

Productivity Of Land

Productivity of land refers to the amount and value of output (crops, minerals, etc.) produced per unit area, indicating the efficiency of land use in agricultural and industrial production.

Standard Of Living

The degree of riches, ease, possessions, and essentials accessible to a specific social class or region.