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:

Inputs

Resources such as labor, materials, and capital that are used in the production process to create goods and services.

Production Levels

The quantity of goods or services that a company produces within a given period.

Marginal Cost Curve

A graphical representation illustrating the change in total cost that arises when the quantity produced changes by one unit.

Average Total Cost

The total cost of production divided by the quantity produced, representing the per unit cost of production.