COMPLETION -Reduce 70/350 to the Lowest Terms. ________

question 9

Short Answer

COMPLETION
-Reduce 70/350 to the lowest terms. ________

---

Definitions:

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate overhead costs to products or cost objects based on a relevant activity base.

Labor-Hour

The unit of measure representing the amount of work performed by an employee in one hour.

Fixed Manufacturing Overhead

Costs that do not vary with the level of production, such as rent, salaries, and insurance, associated with the manufacturing process.

Volume Variance

A measure in managerial accounting identifying the difference between planned and actual production volumes and its impact on the budget.