Gentile Corporation Makes a Product with the Following Standard Costs

question 145

Multiple Choice

Gentile Corporation makes a product with the following standard costs: The company produced 6,000 units in May using 36,970 kilos of direct material and 4,340 direct labor-hours. During the month, the company purchased 40,400 kilos of the direct material at $4.70 per kilo. The actual direct labor rate was $13.70 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 labor efficiency variance for May is:

• A)$6,302 U
• B)$6,440 U
• C)$6,440 F
• D)$6,302 F

Understand the effects of intoxication on contract enforceability and the concept of voidable contracts.

Identify legal constraints on contracts including usury, licensing requirements, and unconscionable terms.

Describe the consequences of changes in law on existing contracts.

Recognize the characteristics of severable contracts and their interpretation under contract law.

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Definitions:

General Partnership

A type of business partnership where all partners share in the management of the business and are personally liable for the business's debts.

Charging Order

A legal order issued by a court directing the person or entity that owes money to a debtor to pay the debtor's creditor, effectively allowing the creditor to intercept funds or assets owed to the debtor.

Limited Partner

An investor in a partnership who is only liable for the amount of their investment and does not actively manage the business.

Partnership Interest

An ownership share in a partnership, representing a partner's stake in the business's assets and earnings.