Tidd Corporation Makes a Product with the Following Standard Costs

question 33

Multiple Choice

Tidd Corporation makes a product with the following standard costs: The company reported the following results concerning this product in November. 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 quantity variance for November is:

• A)$7,530 U
• B)$7,028 U
• C)$7,530 F
• D)$7,028 F

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Definitions:

Upper Bound

The highest possible value in a set of numbers or the maximum limit of a range.

Shuttle Bus

A bus service that travels frequently between two points, such as between an airport and a city center, designed to shuttle passengers in a short time.

True Proportion

The actual proportion of individuals in a population that exhibits a particular trait or characteristic.

Confidence Interval

A swath of values from sample statistical analysis, considered probable to contain the value of an undefined population attribute.