Emerald Marine Stores Company Manufactures Special Metallic Materials and Decorative

question 35

Multiple Choice

Emerald Marine Stores Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor.Emerald uses standard costs to prepare its flexible budget.For the first quarter of 2015,direct material and direct labor standards for one of their popular products were as follows: Materials: 1.5 pounds per unit; $4 per pound
Labor: 2 hours per unit; $18 per hour
During the first quarter,Emerald produced 5,000 units of this product.At the end of the quarter,an examination of the materials records showed that the company used 7,000 pounds of materials and the direct materials cost variance was $1,750 U.Which of the following would be a logical explanation for this variance?

• A)The company used more labor hours than allowed by the standards.
• B)The company paid a higher rate for labor than allowed by the standards.
• C)The company used a greater quantity of materials than allowed by the standards.
• D)The company paid a higher price for the materials than allowed by the standards.

Identify and formulate null hypotheses in statistical hypothesis testing.

Understand and interpret Pearson correlation values and their implications.

Distinguish between the null and alternative hypotheses in the context of Pearson correlation.

Describe the relationships represented by different values of the Pearson correlation coefficient.

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Definitions:

Forests

Large areas covered chiefly with trees and undergrowth, considered in economic terms as a resource for timber, recreation, and ecological benefits.

Elephants

Large mammals found in Africa and Asia known for their intelligence, long trunks, and large ears.

Private Property

The right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property.

Interest Rates

The cost of borrowing money or the return on investment, usually expressed as a percentage.