The Excel Function =40*RAND() Would Generate Random Numbers with Standard

question 64

Multiple Choice

The Excel function =40*RAND() would generate random numbers with standard deviation approximately equal to

• A)13.33.
• B)20.00.
• C)11.55.
• D)19.27.

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, used to assess efficiency and control payroll costs.

Labor Efficiency Variance

The difference between the actual labor hours used and the expected (standard) labor hours for the level of production, multiplied by the standard labor rate.

Direct Materials

The raw materials that can be directly attributed to the production of a product and are a part of the finished product.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected (standard) cost based on the actual level of activity.