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The overhead volume variance of Modern Art, Inc. is $60,600 favorable. It indicates: Actual production exceeded the normal volume of output. Variable overhead per unit has exceeded the standard amount budgeted. Actual production was less than the normal volume of output. Total fixed overhead was less than the standard amount budgeted.

The overhead volume variance of Modern Art, Inc. is $60,600 favorable. It indicates: Actual production exceeded the normal volume of output. Variable overhead per unit has exceeded the standard amount budgeted. Actual production was less than the normal volume of output. Total fixed overhead was less than the standard amount budgeted.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The overhead volume variance of Modern Art, Inc. is $60,600 favorable. It indicates: Actual production exceeded the normal volume of output. Variable overhead per unit has exceeded the standard amount budgeted. Actual production was less than the normal volume of output. Total fixed overhead was less than the standard amount budgeted.
Transcribed Image Text:The overhead volume variance of Modern Art, Inc. is $60,600 favorable. It indicates: Actual production exceeded the normal volume of output. Variable overhead per unit has exceeded the standard amount budgeted. Actual production was less than the normal volume of output. Total fixed overhead was less than the standard amount budgeted.
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