Exhibit 7-4 Provide Names for Each Structure Below.Be Sure to Include the Include

question 2

Short Answer

Exhibit 7-4
Provide names for each structure below.Be sure to include the cis,trans or E,Z designations where applicable.
-Name:

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Definitions:

Fixed Manufacturing Overhead

Manufacturing costs that do not vary with the volume of production, such as building lease payments or salaries of factory supervisors.

Work in Process

Inventory that includes all the materials, labor, and overhead costs for products that are in the production process but not yet complete.

FOH Budget Variance

is the difference between the budgeted factory overhead costs and the actual overhead costs incurred.

FOH Volume Variance

A measure used in accounting to describe the difference between the budgeted and actual volume of production, affecting fixed overhead costs.