Canel Incorporated makes a single product--an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below:
Required:
a. Determine the fixed overhead budget variance for the year.
b. Determine the fixed overhead volume variance for the year.
Definitions:
Mediation
A form of alternative dispute resolution where a neutral third party helps the disputing parties come to a mutually agreeable solution.
Summary Jury Trial
A condensed version of a jury trial intended as a non-binding process to encourage settlement of disputes.
In Rem Jurisdiction
A legal principle that allows a court to exercise authority over a piece of property rather than a person.
Diversity of Citizenship
A legal principle that allows federal courts to hear lawsuits between parties from different states or countries, provided the amount in controversy exceeds a specified threshold.
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