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If actual fixed overhead was £164,000 and there was a £4,800 favourable spending variance and a £1,000 unfavourable volume variance, budgeted fixed overhead must have been
Total Costs
The sum of all expenses a firm incurs in the production of goods or services, including both fixed and variable costs.
Market System
A financial framework where the choices about investment, production, and allocation are directed by the price indicators generated through the dynamics of supply and demand.
Government Ownership
This refers to enterprises or assets owned by the government or public authorities, rather than by private individuals or companies.
Private Property
Owned assets or possessions that are legally recognized and protected, excluding those owned by government entities.
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