Hokies Industries gathered the following direct labor and direct materials cost information for the month of June:
Calculate the following ratios and tell what they mean:
(
A)direct labor price variance
(b)direct labor usage variance
(c)direct materials price variance
(d)direct materials usage variance
(e)direct materials inventory variance
Definitions:
Contributory Negligence
A legal defense that involves the failure of an injured party to be careful enough to ensure personal safety.
Lack of Possession
The absence of physical custody or control over an object, property, or asset that one might legally own or have rights to.
Holder in Due Course
A party who has acquired a negotiable instrument in good faith and for value, thereby obtaining rights to it free from certain defenses.
Golden Retriever Puppy
A young dog of the Golden Retriever breed, known for its friendly, tolerant attitude and golden-colored coat.
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