Teall Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs) .The company has provided the following data for the most recent month:
What was the fixed manufacturing overhead budget variance for the month?
Definitions:
Quota Limit
A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specified time frame.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price is charged for a product, with the aim of ensuring affordability by limiting how much prices can increase.
Quota Rent
The economic rent received by the holder of a production or import quota, which can be realized by selling the product at a higher price than the world price due to the quota limitation.
Taxi Medallion
A licensure medallion required for a taxi to operate legally in many cities, often representing a significant cost for taxi drivers and companies.
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