-Using the Data in the Above Table, What Is the Real

question 403

Multiple Choice

-Using the data in the above table, what is the real GDP for year 2013 (in billions of constant dollars) ?

• A) 9,250
• B) 8,500
• C) 7,708
• D) 8,950

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Definitions:

Fixed Factory Overhead Volume Variance

The difference between the budgeted and actual fixed overhead incurred due to variance in production volume.

Standard Fixed Overhead Cost

The predetermined amount of fixed costs that are expected to be incurred to support operations, typically fixed for a specific period.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.

Price Variance

The difference between the expected price and the actual price paid for an item.