Myers Corporation Has the Following Data Related to Direct Materials

question 50

Multiple Choice

Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material at $​4.50 and standard costs for 4,800 pounds of material at $5.10 per pound.​What is the direct materials quantity variance?

• A) ​$1,020 favorable
• B) ​​$1,020 unfavorable
• C) ​$900 favorable
• D) ​$900 unfavorable

Adjust the investor's share of profit for intra-group transactions resulting in unrealised profits.

Understand and apply the concept of significant influence in determining the need for equity accounting.

Recognize and calculate goodwill arising from the acquisition of an interest in an associate.

Comprehend the implications of revaluations by an associate on the investor's financial statements.

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Definitions:

Core Labor Standards

Fundamental labor rights that include the elimination of forced labor, child labor, discrimination in employment, and the recognition of the right to collective bargaining.

ILO

The International Labour Organization (ILO) is a United Nations agency dedicated to promoting rights at work, encouraging decent employment opportunities, enhancing social protection, and strengthening dialogue on work-related issues.

Collective Bargaining

The act of discussing terms between employers and employees' representatives to reach consensus on wages, work conditions, advantages, and other elements of worker compensation and rights.

Quotas

Predetermined targets or minimums that individuals or organizations aim to achieve within a specific timeframe.