Miguez Corporation Makes a Product with the Following Standard Costs

question 120

Multiple Choice

Miguez Corporation makes a product with the following standard costs:
The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
-The labor rate variance for September is:

• A) $3,675 F
• B) $3,528 U
• C) $3,528 F
• D) $3,675 U

Describe the relationship between interest rates and inflation, particularly during times of inflation.

Analyze the impact of market forces and government actions on inflation rates and productivity.

Understand the concept of the natural rate of unemployment and its significance for economic policy.

Recognize the role of external factors such as import prices on domestic inflation rates.

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Definitions:

Terminal Illness

A disease or condition that is incurable and expected to lead to the death of the patient within a relatively short period.

Elderly Patient

An individual of advanced age, often defined as someone 65 years or older, receiving medical care or treatment.

Verbal Communication

The use of spoken words to convey messages, thoughts, or information between individuals.

Pitch

A term often used in music and acoustics to describe the perceived frequency of a sound, affecting how high or low it sounds.