Chilé Products Ltd. US-Based Chilé Products Ltd. Bottles and Sells Hot Pepper Sauce

question 61

Multiple Choice

Chilé Products Ltd.
US-based Chilé Products Ltd. bottles and sells hot pepper sauce. In 2009, the company had expected to sell 60 000 bottles but actually bottled and sold 70 000 bottles. The standard direct materials cost for each bottle is $.28 comprised of .80 ounces at a cost of $.35 per ounce. During 2009, 68 000 ounces of material were purchased out of which 55 000 ounces were used at a cost of $.32 per ounce.
-The direct materials price variance for 2009 was:

• A) $2040 F
• B) $2040 U
• C) $1650 F
• D) $1650 U

Know the function and utilization of different types of reports for inventory management.

Understand vendor management and transactions in QuickBooks.

Gain insights into the categorization of items within QuickBooks (Inventory, Non-inventory, and Service items).

Understand how to manage sales tax within QuickBooks.

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Definitions:

Relay Coil

A component in electrical and electronic engineering that produces a magnetic field when electric current flows through it, typically used to control a circuit by opening or closing connections in another circuit.

Time Delay

A predetermined period before an action takes place in a circuit or system, often used for timing control in automation.

Bit Level Addressing

A method of accessing or manipulating individual bits within a data structure, allowing for more precise control and efficiency in programming.

Accumulated Value

An accumulated value is a total sum that has been gathered or added up over time, often seen in contexts such as finance, statistics, or data collection.