Complete the following table in preparation for a Monte Carlo simulation.
Definitions:
Variable Overhead Efficiency Variance
This variance measures the difference between the actual hours taken to produce a good and the standard hours expected, multiplied by the variable overhead rate per hour.
Variable Overhead
Costs that vary in direct proportion to changes in the operational activity of a business, such as utility bills or raw material costs.
Budgeted Production
represents the amount of production planned for a future period as part of the budgeting process.
Standard Cost System
An accounting system that uses standard costs for cost control and decision making.
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