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Which of the following is the correct chronological order of events in the purchase return process?
Fixed Overhead Variance
The difference between actual fixed overhead costs and the expected (or budgeted) fixed overhead costs.
Volume Variance
A financial term that represents the difference between the expected (budgeted) volume of production or sales and the actual volume achieved.
Spending Variance
The difference between the budgeted or planned amount of expense and the actual amount spent.
Variable Overhead Spending Variance
The difference between the actual costs incurred for variable overheads and the expected costs of variable overheads based on standard cost.
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