Calculate the fixed factory overhead volume variance using the above information:
Definitions:
Total Revenue
The total amount of money a company receives from selling its goods or services without deducting any costs.
Total Cost
The aggregate amount of expenses incurred in the production of goods or services, including both fixed and variable costs.
Marginal Cost
The increase in total cost that arises from producing one additional unit of a good or service.
Average Variable Cost
The total variable costs divided by the quantity of output produced; it varies with output levels.
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