FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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