Minmax Co'S Direct Labor Information for February Is as Follows

question 153

Multiple Choice

Minmax Co.'s direct labor information for February is as follows: $\begin{array}{lr}\text { Direct labor hours worked (AQ) } & 33,600 \\\text { Standard direct labor hours for units manufactured (SQ) } & 35,000 \\\text { Unfavorable direct labor rate variance } & \$ 11,760 \\\text { Total payroll for direct labor } & \$ 470,400\end{array}$ The standard direct labor rate per hour (SP) (to two decimal places) for February was:

• A) $13.44.
• B) $13.65.
• C) $13.78.
• D) $14.00.
• E) $14.35.

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Definitions:

Loan Term

The duration of time over which a loan agreement is in effect, dictating the repayment schedule.

Floating-Rate Bond

A bond whose interest payments fluctuate with the market interest rates, rather than being fixed.

Coupon Payment

The annual interest payment made to bondholders, typically expressed as a percentage of the face value.

Interest Rate Index

A benchmark interest rate that serves as a reference point for determining interest rates on various financial instruments or loans.