The Reedy Company uses a standard costing system. The following data are available for November: 
The actual direct labor rate for November is:
Definitions:
Competitive Market
A market structure characterized by a large number of sellers and buyers where no single market participant has the power to influence prices significantly.
Equilibrium Price
The price at which the quantity of a product offered for sale equals the quantity that consumers are willing to buy.
Price Support Program
Government interventions to maintain the market price of a commodity or product above its equilibrium level.
Private Buyers
Individuals or entities that purchase goods or services for personal use or for a private collection, not for resale or commercial purposes.
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