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Li Pong company uses a standard costing system. Last year they incurred $100,000 of Variable Overhead and $305,000 of Fixed Overhead and had the following variances before closing entries.
FOH Budget Variance - $9,000 FFOH Volume Variance - $9,000 UnderappliedVOH Spending Variance - $1,000 FVOH Efficiency Variance - $7,000 U
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