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Four Variances with the appropriate definition: Please fix the wrong answers ASAP. Thank you! The Four-Variance Method In the four-variance method, overhead costs are separated

Four Variances with the appropriate definition: Please fix the wrong answers ASAP. Thank you!

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The Four-Variance Method In the four-variance method, overhead costs are separated into fixed and variable amounts. The variable amount is applied based on a unit-based cost driver such as direct labor hours. The fixed costs are itemized and summed into total fixed overhead. Select the four variances with its appropriate definition Definition Occurs when budgeted unit production is different from actual unit production Compares actual variable overhead cost with the variable overhead rate times actual direct labor hours. Compares actual with standard direct labor hours and multiplies the difference times the variable overhead rate Compares actual fixed overhead spending with budgeted fixed overhead spending Type of Variance Fixed overhead volume variance X Variable overhead spending variance X Variable overhead efficiency variance X Fixed overhead spending variance X

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