Cox Engineering Performs Cement Core Tests in Its Laboratory

question 7

Multiple Choice

Cox Engineering performs cement core tests in its laboratory. The following standards have been set for each core test performed: During March, the laboratory performed 2,000 core tests. On March 1 no direct materials (sand) were on hand. Variable manufacturing overhead is assigned to core tests on the basis of standard direct labor-hours. The following events occurred during March:

• 8,600 pounds of sand were purchased at a cost of $7,310.
• 7,200 pounds of sand were used for core tests.
• 840 actual direct labor-hours were worked at a cost of $8,610.
• Actual variable manufacturing overhead incurred was $3,200.

-The materials price variance for March is:

• A)$860 unfavorable
• B)$860 favorable
• C)$281 unfavorable
• D)$281 favorable

Learn strategies to avoid or minimize groupthink within teams.

Recognize various biases such as the framing bias, and how they affect decision-making processes.

Understand the benefits of shared knowledge within teams for problem-solving and efficiency.

Grasp the challenges and solutions related to the common information effect in team settings.

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Definitions:

Agricultural Products

Items derived from farming activities, including both food products like fruits, vegetables, and grains, as well as non-food items like cotton and wool.

Farm Productivity

The measure of output (crop or livestock) produced per unit of input (such as land, labor, or capital) on a farm.

U.S. Farm Products

Agricultural goods produced in the United States, which include a wide range of food and raw materials.

Foreign Tariffs

Taxes imposed by a government on goods and services imported from other countries, often used to protect domestic industries.