The following data have been provided by Moretta Corporation, a company that produces forklift trucks:Budgeted production                                   3,400 trucksStandard machine-hours per truck                  2.9 machine-hoursStandard supplies cost                                 $1.50 per machine-hourActual production                                         3,800 trucksActual machine-hours                                10,930 machine-hoursActual supplies cost (total)                      $17,496Supplies cost is an element of variable manufacturing overhead. The variable overhead efficiency variance for supplies cost is:

A market price below equilibrium will result in:

A price ceiling is a maximum legal price.  

Sleeter Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.Budgeted unit sales for April, May, June, and July are 7,500, 11,900, 10,800, and 14,800 units, respectively. All sales are on credit.b.The ending finished goods inventory equals 30% of the following month’s sales.c.The ending raw materials inventory equals 30% of the following month’s raw materials production needs. Each unit of finished goods requires 6 pounds of raw materials. The raw materials cost $5.00 per pound.If 72,000 pounds of raw materials are required for production in June, then the budgeted cost of raw material purchases for May is closest to:

Investment is defined as the acquisition of new physical capital.  

Solly Corporation produces a product for national distribution. Standards for the product are:Materials: 12 ounces per unit at 60¢ per ounce.Labor: 2 hours per unit at $8 per hour.During the month of December, the company produced 1,000 units. Information for the month follows:Materials: 14,000 ounces purchased and used at a total cost of $7,700.Labor: 2,500 hours worked at a total cost of $20,625.The materials price variance is:

Technological advance is the ability to produce more resources per output level.

If the price of Honda Accords decreases, what happens to the demand for Toyota Camrys?

A prior decision covering a similar issue than can be used as a standard or guide in a later case is known as:

According to the law of demand, the price and the quantity demanded of a good are: