Use the Information Below to Answer the Following Question(s)

question 183

Multiple Choice

Use the information below to answer the following question(s) .Robb Industries Inc.(RII) , developed standard costs for direct material and direct labour.In 2019, RII estimated the following standard costs for one of their major products, the 10-litre plastic container. During June 2020, RII produced and sold 5,000 containers using 490 kilograms of direct materials at an average actual cost per kilogram of $32 and 250 direct manufacturing labour-hours at an average actual wage of $15.25 per hour.
-June's direct material rate variance is

• A)$980 unfavourable.
• B)$1,000 favourable.
• C)$680 favourable.
• D)$980 favourable.
• E)$1,000 unfavourable.

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Definitions:

Future Value

The value of a current asset at a specified date in the future based on an assumed rate of growth.

Deposits

Money placed into a financial institution for safekeeping, which may earn interest over time.

Investment Plan

A financial strategy designed to help individuals allocate their capital towards investment vehicles with the aim of generating future profits.

Present Value

The present value of an anticipated amount of money or sequence of financial inflows, discounted by a particular return rate.