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Brong Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for March.
When the company prepared its planning budget at the beginning of March, it assumed that 22 containers would have been refurbished. However, 18 containers were actually refurbished during March.
-The spending variance for "Employee salaries and wages" for March would have been closest to:
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price point.
Quantity Supplied
The amount of a commodity that producers are willing and able to offer for sale at a specific price over a defined period of time.
Binding Price Ceiling
A legal maximum price for a good or service that is set below the equilibrium price, resulting in shortages.
Equilibrium Price
The market price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.
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