Complete the Following Table

question 62

Essay

Complete the following table:
$$\begin{array} { | l | l | l | } \hline \text { Variance } & \text { How is the variance calculated? } & \text { How does the variance arise? } \\\hline \text { Flexible budget } & & \\\hline \text { Sales volume } & & \\\hline\end{array}$$

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Definitions:

Quantity

The amount or number of a material or immaterial good considered as a unit or an aggregate.

Gross Requirements

Gross requirements in inventory management are the total demand for a component or product before any adjustments for on-hand inventory or scheduled receipts.

Inventory On Hand

The total amount of stock, including raw materials, work-in-progress, and finished goods, available at any given time.

Scheduled Receipts

The planned arrival of materials, components, or products into a manufacturing plant or storage facility, as expected by the production schedule.