A Professor Needs Help from Three Student Helpers to Complete

question 75

Multiple Choice

A professor needs help from three student helpers to complete four tasks. The first task is grading; the second is scanning; the third is copying, and the fourth is organizing student portfolios. The estimated time for each student to do each task is given in the matrix below.
$$\begin{array} { r r r r r } & \mathbf { 1 } & \mathbf { 2 } & \mathbf { 3 } & \mathbf { 4 } \\\hline \text { Student A } & 90 & 50 & 40 & 20 \\\mathbf { B } & 120 & 60 & 30 & 50 \\\mathbf { C } & 110 & 60 & 50 & 70 \\\hline\end{array}$$
-Which of the following constraints represents the assignment for student A?

• A) XA1 +XA2 + XA3 + XA4 = 0
• B) XA1 +XA2 + XA3 + XA4 = 1
• C) XA1 +XA2 + XA3 + XA4 ? 1
• D) XA1 +XA2 + XA3 + XA4 ? 0

Understand the calculation of material and labor variances including quantity, price, and total cost variances.

Learn to compute variable and fixed factory overhead variances, including controllable, volume, and total cost variances.

Grasp the process of standard costing, including setting standards and analyzing variances.

Develop the ability to prepare basic journal entries for variances and standard cost transactions.

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Definitions:

Variable Overhead Efficiency Variance

The difference between actual and expected (or budgeted) variable overhead costs based on the actual level of production or activity.

July

The seventh month of the year in the Gregorian calendar, commonly associated with the height of summer in the Northern Hemisphere.

Variable Overhead Efficiency Variance

A measurement of the difference between the expected (or standard) amount of variable overhead based on actual output and the actual variable overhead incurred.

Supplies

Items used in the operation of a business, not directly tied to the product being sold but necessary for its production or administration.