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Fixed Overhead Variances Assume that ExxonMobil uses a standard cost system for each of its...

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Accounting

Fixed Overhead Variances Assume that ExxonMobil uses a standard cost system for each of its refineries. For the Houston refinery, the monthly fixed overhead budget is $8,300,000 for a planned outputs of 5,000,000 barrels. For September, the actual fixed cost was $8,650,000 for 5,100,000 barrels.

a. Determine the fixed overhead budget variance. $Answer

U or F

b. If fixed overhead is applied on a per-barrel basis, determine the volume variance. $Answer

U or F

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