Thyne Inc Has Provided the Following Data Concerning One of the the Products

question 239

Multiple Choice

Thyne Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.

-The standard hours allowed for the actual output is closest to:

• A) 3,510 hours
• B) 3,092 hours
• C) 3,780 hours
• D) 3,330 hours

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Definitions:

Expense

An outflow of cash or other valuable assets that a business incurs as a result of its operations intended to generate revenue.

Liability

Financial obligations or debts that a company owes, which are settled over time through the transfer of economic benefits including money, goods, or services.

Trial Balance

A report that lists all the balances of the general ledger accounts to check the correctness of bookkeeping entries.

Entry Posted

The action of recording an accounting entry in the ledger, which finalizes the transaction and makes it part of the financial records.