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I read a question as follows in a kit:
(Q) What are the total expenditure and volume variances?
If I am simply asked to find total expenditure variance and volume variance what shall I do?
With the question fixed,flexed actual profit statement was included
(Kaplan Qn.331 pg 98) current edition
I do not have the Kaplan Kit (only the BPP Revision Kit).
However, from what you have written it would appear that the change in the total cost between the actual and the original fixed budget is due partly to the change in the volume of production – this is the difference between the flexed and the fixed budget, and the fact that the costs are different from standard – this is the difference between the actual and the flexed budget.
If there not an answer in the Kaplan Kit?