Kibodeaux Corporation Makes a Product with the Following Standard Costs

question 28

Multiple Choice

Kibodeaux Corporation makes a product with the following standard costs: The company budgeted for production of 3,300 units in June, but actual production was 3,400 units. The company used 33,240 liters of direct material and 320 direct labor-hours to produce this output. The company purchased 35,900 liters of the direct material at $4.90 per liter. The actual direct labor rate was $22.70 per hour and the actual variable overhead rate was $2.70 per hour.

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

-The materials price variance for June is:

• A)$3,332 F
• B)$3,590 U
• C)$3,332 U
• D)$3,590 F

Distinguish between idiographic and nomothetic data in psychological assessment.

Recognize the historical development and foundational influence of classification systems on modern diagnostic criteria.

Analyze the reliability and validity of assessment tools in psychology.

Examine the controversies and criticisms associated with diagnostic criteria and classification systems.

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Definitions:

Poor Business Conditions

Suboptimal circumstances affecting commerce, often marked by reduced consumer spending, high unemployment, and economic downturn.

Statement of Cash Flows

It delineates how modifications in accounts on the balance sheet and income levels affect cash and near-cash items, breaking down the scrutiny into operating, investing, and financing categories.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specified period of time, indicating its financial performance.

Balance Sheet

An illustrative financial document that covers a company's assets, liabilities, and the equity interest of shareholders on a given date.