Modine Corporation has provided the following data for September. 
Required:
a. Compute the budget variance for September. Show your work!
b. Compute the volume variance for September. Show your work!
Definitions:
LIFO
An inventory valuation method, "Last In, First Out," where the most recently produced or acquired items are recorded as sold first.
Current Cost Profits
The earnings achieved by a company based on the replacement costs of the assets used in its operations rather than historical cost accounting.
Operating Profits
Profits from a company's core business operations, excluding deductions of taxes and interest.
Regulation S-X
Rules and regulations set by the Securities and Exchange Commission (SEC) that dictate the form, content, and requirements of financial statements submitted by public companies in the United States.
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