Regarding liabilities, which of the following statements is incorrect? Select one: A. Liabilities represent one of the two claims to assets. B. Liabilities are economic resources that are expected to benefit the business in the future. C. Many, but not all, liabilities have the word payable in their titles. D. A creditor who has loaned money to a business has a claim to some of the business's assets until the business pays the debt.

Doogan corporation makes a product with the following standard costs: standard quantity or hours standard price or rate direct materials 2.0 grams $ 7.00 per gram direct labor 1.6 hours $ 12.00 per hour variable overhead 1.6 hours $ 6.00 per hour the company produced 5,000 units in january using 10,340 grams of direct material and 2,320 direct labor-hours. during the month, the company purchased 10,910 grams of the direct material at $7.30 per gram. the actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour. the company applies variable overhead on the basis of direct labor-hours. the direct materials purchases variance is computed when the materials are purchased. the materials quantity variance for january is: