Accurate Tax Returns Budgets Two Direct Labor Hours for Every

question 97

Multiple Choice

Accurate Tax Returns budgets two direct labor hours for every tax return that it prepares,at a standard cost of $34 an hour.During the most recent year,540 returns were completed with the labor cost totaling $26,000.The actual labor cost was $48.15 per hour during that period.The actual number of labor hours was 1,000.What is the direct labor cost variance?

• A)$7,640 F
• B)$34,000 U
• C)$14,150 U
• D)$34,000 F

Understand the concept of market failure and its implications for resource allocation.

Distinguish between private and public goods, including their definitions and examples.

Comprehend the reasons for regulatory measures in markets, specifically in sectors with significant externalities or information asymmetry.

Uncover the rationale and economic impact of licensing in professions with high stakes for consumer welfare.

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Definitions:

Abrupt Retirement

The sudden and unexpected cessation of employment, leading to a transition from a working life to retirement without gradual adjustment.

Part Time

Employment or engagement in activities for less than the full amount of time typically considered normal or standard.

Grandparent Relationships

The connection and emotional bond between a grandparent and grandchild, which can significantly impact the child's development and well-being.

Older Adults

Individuals who are in the later stages of life, often defined as those aged 65 and above, experiencing various physiological, cognitive, and social changes.