Which of the following statements is true of the Chinese economy?
A) The United Kingdom is China's largest trading partner.
B) The Chinese economy has been converted to a communist controlled system from a free-market system.
C) The Chinese economy started growing tremendously during the Mao era.
D) The Chinese are the biggest global supplier of consumer goods.
Answer: D) The Chinese are the biggest global supplier of consumer goods.
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The Lennon Company uses a standard costing system and a flexible budget. At a normal level of activity of 15,000 units and 45,000 standard direct labor hours, the standard direct labor cost would be $270,000 . During June, 44,050 hours were worked to produce 14,000 units at an actual direct labor cost of $352,000 . The direct labor efficiency variance in June was
a. $20,300 (U). b. $12,300 (U). c. $12,300 (F). d. $15,300 (U).