Select the Letter of the Correct Word for Each Sentence

question 62

Multiple Choice

Select the letter of the correct word for each sentence.
-Out of all the runway models, Allison had the smallest (waste, waist) .

• A) waste
• B) waist

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Definitions:

Volume Variances

Variances that occur when actual volume of production or sales differs from the planned volume, affecting revenue and expenses.

Variable Component

The portion of a cost or expense that varies directly with the level of production or business activity.

Fixed Component

The part of cost or expense that remains constant in total regardless of fluctuations in the level of activity or volume.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to individual products or job orders, calculated at the beginning of an accounting period.