ABC is expected to use 1 direct labor hour to produce 1 unit of product at a cost of $20 per hour. Actual results indicate 10,000 units were made. The company's direct labor workforce worked 11,000 hours at $20 per hour. Answer the following What is the total dollar amount of the standard labor cost? What is the total dollar amount of the actual labor cost? The company has an unfavorable labor rate variance. The company has an unfavorable labor efficiency variance. A discretionary fixed cost is a fixed cost that can be changed in the short run without having a significant impact on the organization. T/F Unit sales price = $500 Variable cost per unit = $400 Fixed costs = 10,000 The company sold 100 units. Answer the following What is the contribution margin per unit? What is the total contribution margin? How many units must the company sell to breakeven? How many units must the company sell to achieve a target profit of 10,000? A committed fixed cost is a fixed cost that can be changed in the short run without having a significant impact on the organization. T/F A flexible budget is useful in specifying the resources needed for various levels of productivity. T/F Capital assets include raw materials, work in progress, and finished goods. T/F The sales budget is perhaps the most important budget as it drives most of the other budgets. T/F The manufacturing overhead budget is an estimate of all production costs, other than direct material and direct labor, necessary to achieve a desired level of production. T/F Another name for earnings per share is earnings per share fully diluted. T/F The weighted average cost of capital (WACC) is the percentage that demonstrates the overall cost to a company of all the capital it employs in its business, both debt and equity. T/F