'If the controllable variance is $500 unfavorable and the volume variance is $100 favorable, the journal entry will include a: Charge for Variable OH Efficiency Variance Credit for Variable OH Expenditure Variance.
Expenditure variance means the difference between the budgeted expenditure for each period and the actual expenditure for that period. It is (x) a negative number if actual spending is less than budgeted spending, and (y) a negative number if actual spending is greater than budgeted spending. The result is
Cost Variance Analysis is an accounting tool that examines budgeting anomalies. This involves identifying discrepancies between funds allocated and funds actually spent, investigating and reporting on the causes of discrepancies.
In budgeting (or control accounting in general), variance is the difference between the budgeted, planned, or standard cost and the amount actually incurred/sold.
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