If the Standard to Produce a Given Amount of Product

question 32

True/False

If the standard to produce a given amount of product is 600 direct labor hours at $15 and the actual was 500 hours at $17, the time variance was $1,700 unfavorable.

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Definitions:

Implied Warranties

Unstated guarantees assumed in a sale, that a product will meet a minimum level of quality and functionality.

As Is

A term used to describe the sale of goods in their current condition, without any guarantee or warranty by the seller.

Merchant

An individual or company engaged in the buying and selling of goods for profit.

Technical Manual

A document that provides instructions, specifications, and guidelines for the operation, maintenance, or understanding of a specific system or product.