AUDIT+ASSURANCE SERVICES (LL) W/CONNECT
AUDIT+ASSURANCE SERVICES (LL) W/CONNECT
8th Edition
ISBN: 9781264979516
Author: LOUWERS
Publisher: MCG CUSTOM
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Chapter 5, Problem 33MCQ
To determine

Identify the most important fundamental component of an entity’s internal control.

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Kors manufacturing completes Job 214, which has a standard of 720 labor hours at a standard rate of $20.40 per hour. The job was completed in 790 hours, and the average actual labor rate was $22.10 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.
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