At the End of the Year,your Company Had the Following

question 53

Essay

At the end of the year,your company had the following variances:
$\begin{array}{lr} \text { Direct material price variance } &\$3000\text {F}\\ \text { Direct material usage variance } &\$3500\text {U}\\ \text {Direct labour rate variance } &\$5200\text {U}\\ \text { Direct labour efficiency variance } &\$7000\text {U}\\\end{array}$

Give at least one possible cause for each of the variances and discuss the possible relationships between them.

Recognize the founders and key theorists in sociology and their contributions.

Understand the basic concepts and perspectives in sociological theory, including functionalism, conflict theory, and symbolic interactionism.

Describe the historical context and significance of the Enlightenment period on sociological thought.

Understand the significance of social contracts and the natural state theories in the development of sociological perspectives.

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Definitions:

Required Production

The quantity of goods that must be produced during a certain period to meet customer demand and inventory policies.

Budgeted Sales

An estimated amount of sales in units or dollars that a company plans to achieve during a certain period, often used for planning and operational purposes.

Finished Goods Inventory

Finished goods inventory consists of items that have completed the manufacturing process and are ready for sale.

Raw Materials Inventory

The stock of basic materials that are used in the production process but have not yet been processed.