Question

Compute and interpret the fixed overhead budget and volume variances.

Answer 1

It can be calculated using the following formula: Fixed Overhead Volume Variance = Applied Fixed Overheads – Budgeted Fixed Overhead. Here, Applied Fixed Overheads = Standard Fixed Overheads × Actual Production.

Volume is a measure of the occupied three-dimensional space. [1] Often quantified numerically using SI units (such as cubic meters and liters) or various imperial units (such as gallons, quarts, and cubic inches). Container volume is generally understood to mean the capacity of the container. That is, the amount of fluid (gas or liquid) the container can hold, rather than the amount of space the container itself moves through.

For simple 3D shapes, you can easily calculate the Volume is a measure of the occupied three-dimensional space. [1] Often quantified numerically using SI units (such as cubic meters and liters) or various imperial units (such as gallons, quarts, and cubic inches). Container volume is generally understood to mean the capacity of the container. That is, the amount of fluid (gas or liquid) the container can hold, rather than the amount of space the container itself moves through.

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