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Variance Analysis (Variable and Fixed Overheads): Calculate the variable overhead spending variance, variable overhead efficiency variance, fixed overhead spending variance, and fixed overhead volume variance

Variance Analysis (Variable and Fixed Overheads): Calculate the variable overhead spending variance, variable overhead efficiency variance, fixed overhead spending variance, and fixed overhead volume variance for a manufacturing company, based on the following data:

  • Actual Variable Overhead Costs: $25,000
  • Standard Variable Overhead Costs: $20,000
  • Actual Fixed Overhead Costs: $15,000
  • Budgeted Fixed Overhead Costs: $12,000 

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