Indicate whether each of the following statements is true or false. Calculation of a predetermined overhead rate is based on estimates and can be done at the beginning of a period. ______A spending variance is the difference between applied overhead costs and estimated overhead costs. ______A difference between the actual and estimated volume of activity causes a volume variance. ______A volume variance is unfavorable if actual volume is greater than expected. ______For an accounting period, the volume variance is the amount by which overhead was over- or underapplied. ______
What will be an ideal response?
Calculation of a predetermined overhead rate is based on estimates and can be done at the beginning of a period. T
A spending variance is the difference between applied overhead costs and estimated overhead costs. F
A difference between the actual and estimated volume of activity causes a volume variance. T
A volume variance is unfavorable if actual volume is greater than expected. F
For an accounting period, the volume variance is the amount by which overhead was over- or underapplied. F
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