The Upton Company Uses a Standard Costing System in Which

question 109

Multiple Choice

The Upton Company uses a standard costing system in which variable overhead is assigned to production on the basis of standard direct labor-hours. Data for the month of February include the following:
Variable overhead cost incurred: $48,700
Total variable overhead variance: $300 F
Standard hours allowed for actual production: 7,000
Actual direct labor-hours worked: 6,840
-The variable overhead rate variance is:

• A) $820 F
• B) $820 U
• C) $740 F
• D) $740 U

Explain the concepts of acceptance and agreement in contract law.

Grasp the legal capacities required to enter into a contract.

Understand the Uniform Commercial Code's role in contracts for the sale of goods.

Describe the Restatement of Contracts and its significance.

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Definitions:

Payable

Due for payment; a financial obligation that one party has to pay to another.

Issued

The act of officially distributing or making something available, often used in contexts like the issuance of currency, stocks, or legal documents.

Checks

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or named party.

Bearer Instrument

An instrument payable to cash or to whoever is in possession of the instrument.