Snuggs Corporation Makes a Product with the Following Standard Costs

question 130

Multiple Choice

Snuggs Corporation makes a product with the following standard costs: The company reported the following results concerning this product in October. 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 October is:

• A)$620 F
• B)$616 F
• C)$616 U
• D)$620 U

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Definitions:

Fraudulent Misrepresentation

A false statement made knowingly, without believing in its truth, or recklessly, with the intention to deceive and induce another party to enter into a contract.

Liable

Liable means being legally responsible for something, typically involving financial compensation or another form of restitution.

Reliance

The act of relying or depending on something, often related to a belief or action based on certain expectations or promises.

Damages

Damages are a monetary sum awarded to a party in a lawsuit as compensation for injury or loss suffered due to the action or inaction of another.