Refer to Triple M Corporation

question 50

Multiple Choice

Refer to Triple M Corporation. Which of the following should be included in the journal entry to record labour?

• A) debit to Wages Expense of $750
• B) debit to Finished Goods Inventory of $750
• C) credit to Finished Goods Inventory of $750
• D) debit to Work-in-Process Inventory of $750

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Definitions:

Revenue and Spending Variance

The difference between actual and budgeted figures for both income and expenditures, respectively.

Flexible Budget

A budget that varies with levels of activity or output, allowing organizations to more accurately forecast costs and revenues over various levels of production.

Occupancy Expenses

Expenses related to occupying a space, including rent, utilities, and property insurance.

Spending Variance

The difference between the actual and planned or budgeted amount of spending, indicating over or under spending.