Clara,age 68,claims Head of Household Filing Status

question 16

True/False

Clara,age 68,claims head of household filing status.If she has itemized deductions of $10,500 for 2016,she should not claim the standard deduction.

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Definitions:

Standard Costs

Predetermined costs for manufacturing a product or providing a service, used as benchmarks to measure performance.

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.

Variable Overhead

Refers to the costs of production that fluctuate with the level of output, such as utilities and materials, that do not have a fixed price associated with production levels.

Direct Labor-hours

The total hours worked by employees directly involved in the production process, used as a basis for allocating costs to products.