If the Standard to Produce a Given Amount of Product

question 9

True/False

If the standard to produce a given amount of product is 12,000 hours at a factory overhead rate of $5 ($3 fixed, $2 variable), actual variable factory overhead was $26,400, actual fixed factory overhead was $45,000, and 100% of productive capacity is 15,000 hours, the volume variance was $9,000 favorable.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow in 1943, which posits that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization, addressed in ascending order.

Cultural Values

The collective principles, norms, and ideals that shape a society or organization's behavior and beliefs.

Self-Actualization

Bringing to fruition one's natural talents and possibilities, viewed as an essential impulse or requirement inherent in everyone.

Goal Difficulty

Describes how challenging a set goal is to achieve, which can influence motivation and effort levels.