Can you help me with this question? thank you for your time :) Use the following terms to complete the sentences that follow; terms may be used once, more than once, or not at all:StaticFlexibleVolumeSpendingProduction managerVariable overhead rateVariable overhead efficiencyFixed overhead spendingPurchasing managerFavorableUnfavorableDebitCreditFixed overhead budgetFixed overhead volume1. A2. A3. Thedebit4. The variable overhead rate variance is5. Unfavorable variances appear as6. Thevariable overhead efficiency7. Using less direct materials than expected results in a8. The9. The10. When recording journal entries, the actual cost is abudget is based on a fixed estimate of sales volume.variance represents the difference between actual and expected levels of activity.is typically responsible for the direct materials quantity variance.when the actual variable overhead rate is less than the standard variable overhead rate.entries; favorable variances appear asentries.variance is the difference between the number of actual direct labor hours used and the number of standard direct labor hoursmultiplied by the standard variable overhead rate.is typically responsible for the direct labor efficiency variance.variance is sometimes also called the denominator variance.and the standard cost is avariance.

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Description: Can you help me with this question? thank you for your time :) Use the following terms to complete the sentences that follow; terms may be used once, more than once, or not at all:StaticFlexibleVolumeSpendingProduction managerVariable overhead rateVa

1. Fixed Budget: According to CIMA, London – “A fixed budget is a budget designed to remain…

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1. A 2. A 3. The debit 4. The variable overhead rate variance is 5. Unfavorable variances appear as variable overhead efficiency 7. Using less direct materials than expected results in at 8. The 9. The 10. When recording journal entries, the actual cost is a 6. The budget is based on a fixed estimate of sales volume. variance represents the difference between actual and expected levels of activity. is typically responsible for the direct materials quantity variance. when the actual variable overhead rate is less than the standard variable overhead rate. entries; favorable variances appear as entries. variance is the difference between the number of actual direct labor hours used and the number of standard direct labor hours multiplied by the standard variable overhead rate. is typically responsible for the direct labor efficiency variance. variance is sometimes also called the denominator variance. and the standard cost is a variance.

1. A 2. A 3. The debit 4. The variable overhead rate variance is 5. Unfavorable variances appear as variable overhead efficiency 7. Using less direct materials than expected results in at 8. The 9. The 10. When recording journal entries, the actual cost is a 6. The budget is based on a fixed estimate of sales volume. variance represents the difference between actual and expected levels of activity. is typically responsible for the direct materials quantity variance. when the actual variable overhead rate is less than the standard variable overhead rate. entries; favorable variances appear as entries. variance is the difference between the number of actual direct labor hours used and the number of standard direct labor hours multiplied by the standard variable overhead rate. is typically responsible for the direct labor efficiency variance. variance is sometimes also called the denominator variance. and the standard cost is a variance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 20MC: The variable overhead efficiency variance is caused by the difference between which of the...

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