The Dexon Company Makes and Sells a Single Product Called

question 12

Multiple Choice

The Dexon Company makes and sells a single product called a Mip and uses a standard costing system. The following standards have been established for one unit of Mip: There were no inventories of any kind on August 1. During August, the following events occurred:
Purchased 15,000 board feet at the total cost of $24,000.
Used 12,000 board feet to produce 2,100 Mips.
Used 1,700 hours of direct labor time at a total cost of $20,060.
-To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account?

• A) $240 credit
• B) $240 debit
• C) $340 debit
• D) $340 credit

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Definitions:

Theorists

Theorists are individuals who originate, develop, or utilizes theories across various disciplines, providing a systematic set of ideas to explain certain phenomena.

Cardinal Traits

Dominant personality traits identified by psychologist Gordon Allport, which define an individual’s overall behavior and are central to their personality.

Central Traits

Essential attributes that constitute a major part of a person's personality, around which their personality is organized.

Secondary Traits

Less consistent or pervasive personality attributes that can be influenced by situational factors or contexts.