The Standard Costs for a Unit of Product Are Shown

question 47

Essay

The standard costs for a unit of product are shown below. $\begin{array}{llcc} \text { Materials: } & \text { 2 pounds at \( \$ 1.00 \) per pound } &\$2.00 \\ \text { Labor:} & \text { 1 hours at \( \$ 10.00 \) per hour }&10.00 \\ \text {Overhead: } & \text { \( 60\%\) of direct labor } &6.0\\\end{array}$
During June, Job N-5 for 100 units was completed. The actual costs of the job are shown below. $\begin{array}{llcc} \text { Materials: } & \text { 300 pounds at \( \$ 1.45 \) per pound } &\$435.00 \\ \text { Labor:} & \text { 200 hours at \( \$ 9.50 \) per hour }&1,900 \\ \text {Overhead Applied: } & \text { \( 60\%\) of direct labor } &1,140\\\end{array}$ 1. What is the total cost variance between actual cost and standard cost?
2. What is the total material variance?
3. What is the material quantity variance?
4. What is the material price variance?

Identify examples of illusory correlations and understand why they occur.

Understand the basic principles of experimental design, including independent and dependent variables.

Interpret research findings from various study designs with a critical perspective, especially regarding cause-and-effect relationships.

Distinguish between different types of experimental controls and their importance in research validity.

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Definitions:

George Miller

A psychologist best known for his theory that the average number of objects an individual can hold in short-term memory is 7 ± 2.

Magic Number

A concept in cognitive science referring to the short-term memory capacity of about seven items (plus or minus two).

Auditory Traces

Memory traces of auditory information that are believed to persist in the brain for a brief period after the auditory stimulus has ended.

Short-term Memory

The ability to retain a limited amount of data in a readily accessible, active condition for a brief duration.