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For those who has Wiley textbook, on page 390 on the chart on the top, is this the correct interpretation?
Spending variance
(actual rate – standard rate)*actual quantity
Efficiency variance
(Actual quantity – standard quantity)*Standard rate
Budget spending variance
(actual overhead rate – Budgeted Overhead Rate)*actual production
Production volume variance
(Actual Production – Budgeted Production(*Budgeted Overhead Rate
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