XYZ Co. uses standard absorption costing system. For a certain period, budgeted Fixed Overheads were 74,20,000; Budgeted production was 30,000 units; Fixed Overhead cost was over absorbed by 7 16,000...

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Extracted text: XYZ Co. uses standard absorption costing system. For a certain period, budgeted Fixed Overheads were 74,20,000; Budgeted production was 30,000 units; Fixed Overhead cost was over absorbed by 7 16,000 and Fixed Overhead Expenditure variance was 7 30,000 (Favourable).