Reference no: EM132552410
Question 1. The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance is directly impacted?
a. Materials price variance
b. Materials efficiency variance
c. Labour price variance
d. Labour efficiency variance
Question 2. Thomas Corporation produces stopwatches. According to company standards, it should take 1 hour of direct labour to produce a stopwatch. Thomas' standard labour cost is $18 per hour. During June, Thomas produced 5,000 stopwatches and used 5,150 hours of direct labour at a total cost of $102,500. What is Thomas' direct labour price variance for June?
a. $9,800 favourable
b. $9,515 unfavourable
c. $9,515 favourable
d. $9,800 unfavourable
Question 3. Which of the following best describes a "relevant cost"?
a. A factor that restricts production or sales of a product
b. Cost of developing, producing, and delivering a product or service
c. Expected future costs that differs among alternatives
d. Costs that were incurred in the past and cannot be changed
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