Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 6.90 pounds $ 2.50 per pound $ 17.25 Direct labor 0.50 hours $ 13.50 per hour $ 6.75 During the most recent month, the following activity was recorded: Thirteen thousand four hundred pounds of material were purchased at a cost of $2.40 per pound. The company produced only 1,340 units, using 12,060 pounds of material. (The rest of the material purchased remained in raw materials inventory.) 770 hours of direct labor time were recorded at a total labor cost of $9,240. Required: Compute the materials price and quantity variances for the month.

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.