In 2018, Mary Had the Following Items

question 41

Multiple Choice

In 2018, Mary had the following items:
Assuming that Mary files as head of household (has one dependent child) , determine her taxable income for 2018.

• A) $12,000
• B) $12,800
• C) $13,900
• D) $21,900
• E) None of the above

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Definitions:

Actual Production

Refers to the actual quantity of goods or services produced during a specific period, as opposed to planned or projected amounts.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected to be used.

Direct Materials Purchases Variance

The difference between the actual cost of direct materials purchased and the expected cost, based on standards set for quantity and price.

Actual Operations

The real-world activities carried out by a company, as opposed to planned or projected operations.