The Following Labour Standards Have Been Established for a Particular

question 137

Essay

The following labour standards have been established for a particular product:

$\begin{array}{l}\begin{array}{lll}\text {Standard labour hours per unit of output }\\\text {Standard labour rate}\\\end{array}\begin{array}{lll}\text {2.8 hours}\\\text {\$ 11.50 per hour}\\\end{array}\end{array}$

The following data pertain to operations concerning the product for the last month:

$\begin{array} { l r } \text { Actual hours worked } & 6,900 \text { hours } \\\text { Actual total labour cost } & \$ 80,385 \\\text { Actual output } & 2,300 \text { units }\end{array}$

Required:

a) What was the labour rate variance for the month?
b) What was the labour efficiency variance for the month?

Describe the scope and limitations of agency discretionary powers, especially regarding information disclosure.

Distinguish between legislative, interpretive, procedural, and hybrid rules issued by administrative agencies.

Grasp the Congressional oversight mechanisms on administrative agency rulemaking.

Understand the standards of judicial review applicable to agency decisions.

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Definitions:

Negotiation

The process by which two or more parties communicate and ideally reach an agreement or compromise on a matter of mutual interest.

National Output

The total value of all goods and services produced within a country's borders in a given time period, often referred to as Gross Domestic Product (GDP).

Consumer Goods

Goods produced and purchased for personal or household consumption rather than for manufacturing or resale.

Competitive System

An economic system where multiple businesses or entities vie for the same market share, promoting innovation and consumer choice.