Consider the Following Information

question 20

Multiple Choice

Consider the following information:
Direct material purchased and used, 80,000 gallons
Standard quantity of direct material allowed for May production, 76,000 gallons
Actual cost of direct materials purchased and used, $176,000
Unfavorable direct-material quantity variance, $9,400
The direct-material price variance is:

• A) $11,400F.
• B) $11,400U.
• C) $12,000F.
• D) $12,000U.
• E) none of the other answers are correct.

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Definitions:

Custody

A court-mandated ruling regarding which divorced parent will have the primary responsibility for the children’s upbringing.

Separation Agreement

A legal document that outlines the terms of a separation between married or common-law partners, detailing arrangements such as asset division, child custody, and support payments.

Child Support

Financial contributions required by law to be made by a non-custodial parent to support their minor children.

Economic Well-Being

refers to the overall financial health of an individual, community, or nation, measured by factors such as income, employment, and access to resources.