Management should focus its sales and production efforts on the product or products that will providea. the lowest product costsb. the lowest direct labor hoursc. the highest sales revenued. the maximum contribution margin The following data relate to direct labor costs for the current period:Standard costs 7,500 hours at $11.70Actual costs 6,000 hours at $12.00What is the direct labor time variance?a. $18,000 favorableb. $17,550 unfavorablec. $17,550 favorabled. $18,000 unfavorable Which of the following is not a factory overhead allocation method?a. factory costingb. multiple departmental ratesc. activity-based costingd. single plantwide rate

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Description: Management should focus its sales and production efforts on the product or products that will providea. the lowest product costsb. the lowest direct labor hoursc. the highest sales revenued. the maximum contribution margin The following data relate t

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Management should focus its sales and production efforts on the product or products that will provide

a. the lowest product costs

b. the lowest direct labor hours

c. the highest sales revenue

d. the maximum contribution margin

The following data relate to direct labor costs for the current period:

Standard costs	7,500 hours at $11.70
Actual costs	6,000 hours at $12.00

What is the direct labor time variance?

a. $18,000 favorable

b. $17,550 unfavorable

c. $17,550 favorable

d. $18,000 unfavorable

Which of the following is not a factory overhead allocation method?

a. factory costing

b. multiple departmental rates

c. activity-based costing

d. single plantwide rate

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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