Examlex
Magliacane Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. When the company prepared its planning budget at the beginning of February, it assumed that 39 customers would have been served. However, 35 customers were actually served during February.The revenue in the company's flexible budget for February would have been closest to:
Standard Overhead Cost
The pre-determined or estimated cost of indirect expenses that a company expects to incur during a specific period.
Direct Labor Cost Variance
The difference between the budgeted cost of direct labor for production and the actual cost incurred, indicating over or under allocation of resources.
Direct Labor Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, indicating discrepancies in workforce expenses.
Direct Labor Efficiency Variance
A measure of the difference between the actual hours worked and the standard hours expected for the production accomplished.
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