Landram Corporation Makes a Product with the Following Standard Costs

question 139

Multiple Choice

Landram Corporation makes a product with the following standard costs: In March the company produced 4,700 units using 10,230 kilos of the direct material and 2,210 direct labor-hours. During the month, the company purchased 10,800 kilos of the direct material at a cost of $76,680. The actual direct labor cost was $38,233 and the actual variable overhead cost was $11,934.

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 March is:

• A)$940 F
• B)$1,080 F
• C)$1,080 U
• D)$940 U

Understand the principles of internal control over cash receipts and disbursements.

Recognize the role and importance of a voucher system in controlling cash disbursements.

Comprehend the purpose and operation of petty cash.

Identify the parties involved in a check and understand the check's role in banking transactions.

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Definitions:

Documentation

The process of systematically recording, retaining, and managing patients’ personal and health information in healthcare.

Charting

The process of making entries into a patient's medical record to document the care and treatment provided.

Codes of Ethics

A set of principles and values that guide the behavior and decision-making of a specific group or profession, outlining moral duties and obligations.

Advance Directives

Legal documents that allow individuals to convey their decisions about end-of-life care ahead of time, providing a way for patients to communicate their wishes to family, friends, and healthcare professionals.