The Litton Company Has Established Standards as Follows

question 174

Multiple Choice

The Litton Company has established standards as follows:

Direct material: 3 pounds per unit $4 per pound = $12 per unit
Direct labor: 2 hours per unit $8 per hour = $16 per unit
Variable manufacturing overhead: 2 hours per unit $5 per hour = $10 per unit

Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased.
The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours.
-The materials price variance is:

• A)$400 U
• B)$400 F
• C)$600 F
• D)$600 U

Acquire knowledge on the major research methodologies in human development, alongside their strengths and drawbacks.

Comprehend the concept of critical periods in development, the notion of teratogens, their common types, and impacts on fetal development.

Grasp the psychological constructs of the personal fable and imaginary audience within adolescent development.

Master the key principles of Piaget's sensorimotor stage including its milestones.

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Definitions:

Frederic Bastiat

A French economist and author known for his theories on economics and his advocacy of free markets and limited government.

Economic Theory

A set of principles and concepts that helps in the explanation and prediction of economic phenomena.

International Trade

The exchange of goods and services between countries, allowing for greater variety and availability of resources and products.

Domestic Consumption

The total amount of goods and services consumed by the residents of a country.