Exercise 2) After reading chapter 15 test your conceptual knowledge for the material presented in the chapter

a.The difference between total factory overhead cost incurred during a period and the total standard factory overhead cost assigned to production of the period is the ______________:

Multiple Choice

• Flexible-budget variance

• Production-volume variance

• Total factory overhead variance

• Overhead efficiency variance

• Total overhead spending variance

b.The difference between the total actual overhead cost incurred during a period and budgeted total factory overhead cost for the actual quantity of the cost driver used to apply overhead is equal to the:

Multiple Choice

• Total overhead spending variance.

• Total overhead efficiency variance.

• Factory overhead production-volume variance.

• Total overhead rate variance.

• Total overhead variance.