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Refer to the Information Provided in Table 3 -Refer to Table 3

question 237

Multiple Choice

Refer to the information provided in Table 3.1 below to answer the question(s) that follow.
Table 3.1
 Price per Pizza  Quantity Demanded  (Pizzas per Month)   Quantity Supplied  (Pizzas per Month)  $31,20060061,000700980080012600900154001,000\begin{array} { | c | c | c | } \hline \text { Price per Pizza } & \begin{array} { c } \text { Quantity Demanded } \\\text { (Pizzas per Month) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Pizzas per Month) }\end{array} \\\hline \$ 3 & 1,200 & 600 \\\hline 6 & 1,000 & 700 \\\hline 9 & 800 & 800 \\\hline 12 & 600 & 900 \\\hline 15 & 400 & 1,000 \\\hline\end{array}
-Refer to Table 3.1. In this market there will be an excess demand of 600 pizzas at a price of

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Definitions:

Direct Labor Price Variance

A measure of the difference between the actual cost of direct labor and the standard cost of direct labor multiplied by the actual hours worked.

Direct Labor Hours

The total hours worked by employees directly involved in manufacturing a product or providing a service, often used to allocate labor costs to products or services.

Standard Rate of Pay

The fixed amount of money paid to employees for a specific job or activity, typically expressed on an hourly or annual basis.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected amount, valued at the standard cost.

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