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Learning Objectives
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After completing this chapter, you should be able to:

11-1Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget.
11-2Prepare a flexible overhead budget, using both a formula and a columnar format.
11-3Explain how overhead is applied to Work-in-Process Inventory under standard costing.
11-4Explain some important issues in choosing an activity measure for overhead budgeting and application.
11-5Compute and interpret the variable-overhead spending and efficiency variances and the fixed-overhead budget and volume variances.
11-6Prepare an overhead cost performance report.
11-7Explain how an activity-based flexible budget differs from a conventional flexible budget.
11-8Prepare journal entries to record production overhead under standard costing (Appendix A).
11-9Compute and interpret the sales-price and sales-volume variances (Appendix B).





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