Omary Corporation Has a Standard Cost System in Which It

question 31

Multiple Choice

Omary Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs) . The company has provided the following data for the most recent month: What was the total of the variable overhead rate and fixed manufacturing overhead budget variances for the month?

• A)$1,520 Unfavorable
• B)$3,180 Favorable
• C)$4,820 Unfavorable
• D)$6,340 Unfavorable

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Definitions:

Primary Market

The financial market where new securities are issued and sold for the first time, often via initial public offerings (IPOs).

OTC Market

Over-The-Counter Market; a decentralized market where securities not listed on formal exchanges are traded directly between parties.

Sole Proprietorship

A company controlled and managed by one person, with the individual and the company being legally regarded as the same entity.

General Partnership

A type of business partnership where all partners share both profits and liabilities equally unless a different arrangement is agreed.