Hereford Corporation has provided the following data for February. 
Required:
a. Compute the budget variance for February. Show your work!
b. Compute the volume variance for February. Show your work!
Definitions:
Competitive Behavior
Actions taken by companies aimed at gaining an advantage over their rivals in the market, often through price adjustments, product innovations, and marketing strategies.
Marginal Cost
The added cost of producing one additional unit of a product or service.
Value Meal
A marketing strategy that bundles meal components at a reduced price compared to purchasing them separately.
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