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Homer and Moe,PC are auditing the financial statements of Lyoncraft,Inc.and decide to confirm a sample of accounts receivable.This test is performed by Homer and Moe primarily to substantiate which of the following assertions?
Standard Costing
An accounting method that uses standard costs for cost control and financial reporting.
Variable Manufacturing Overhead
Manufacturing overhead costs that fluctuate with the level of production activity.
Overhead Rate Variance
The difference between the actual overhead costs incurred and the standard overhead costs assigned to production.
Materials Price Variance
The difference between the actual cost of direct materials used in production and the expected (budgeted) cost of those materials.
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