Welch Company Budgeted the Following Cost Standards for the Current

question 58

Multiple Choice

Welch Company budgeted the following cost standards for the current year: Direct materials = 1.40 kilograms per unit @ $1.50 per kilogram
Direct labour = 0.75 hours per unit @ $6 per hour
Actual production and costs were as follows:
Units produced = 2,800
Direct materials used = 4,500 kg.
Direct materials purchased = 5,000 kg. @ a cost of $5,850
Direct labour incurred = 2,000 hours at a cost of $13,000
The material price variance for materials purchased was:

• A)$1,650 F
• B)$870 U
• C)$2,520 U
• D)$780 F

Understand the impact of the 2008 financial crisis on specific economic and social issues.

Identify and define unethical business practices and their implications.

Recognize the significance of corporate social responsibility and the various ways businesses can engage with the community.

Understand the role of government agencies in protecting consumer rights and the specific functions of these agencies.

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Definitions:

Diminished Capacity

A legal defense where a defendant may acknowledge they committed a crime but argue that due to mental impairment, they should not be fully held responsible.

Mentally Ill

A term referring to individuals who experience a wide range of mental health conditions that affect mood, thinking, and behavior.

Intellectually Disabled

Individuals who have significantly below-average intellectual functioning and limitations in adaptive behavior, manifesting before the age of 18.

Alcohol

A psychoactive substance found in drinks such as beer, wine, and spirits that can alter mood and behavior.