The following partially completed T accounts summarize the transactions of Carlton Company for last year: 
At the end of the year,the company closes out the balance in the Overhead account to Cost of Goods Sold.
The cost of direct materials used in production is
Definitions:
Variable Costs
Costs that vary directly with the level of production or service output, such as materials and labor.
Budgetary Control
The process of managing a company's income and expenditure with the aim of keeping spending in line with the budget.
Actual Results
The realized outcomes or final figures of a company's financial performance or operations, often compared against budgeted or forecasted figures.
Flexible Budgets
Budgets that can be adjusted or modified according to the changes in operational activities or business volume.
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