Exhibit 3.1 The Following Questions Are Based on This Problem and Accompanying

question 20

Multiple Choice

Exhibit 3.1
The following questions are based on this problem and accompanying Excel windows.
Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced. The LP model for the problem is
-Refer to Exhibit 3.1. What formula should be entered in cell E5 in the accompanying Excel spreadsheet to compute total profit?

• A) =B4*B5+C4*C5
• B) =SUMPRODUCT(B8:C8,$B$4:$C$4)
• C) =SUM(B5:C5)
• D) =SUM(E8:E10)

Apply the principles of standard costing in real-world scenarios to make informed financial and managerial decisions.

Understand the concept of standard costing and its applications in manufacturing settings.

Identify and compute various types of variances related to materials, labor, and overhead.

Differentiate between favorable and unfavorable variances and understand their implications for managerial decision-making.

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Definitions:

Workforce Diversity

The range of differences among the members of an organization's workforce, including race, gender, age, culture, education, and more.

Demographic Trends

refer to observable patterns and changes in a population over time, including age, income, education, and family structure.

People Of Color

Refers to individuals who are not identified as white and is used to highlight diversity in backgrounds and experiences, particularly in contexts discussing racial and ethnic identities.

African-Americans

A term referring to citizens or residents of the United States who have total or partial ancestry from any of the Black racial groups of Africa.