EFT Debits are processed in the evening. Intecon provides access to a service that gives the business or organisation the ability to verify the bank account details prior to loading the payment instruction.
Whereas the cost variances for direct materials, direct labor, and variable overhead all use the same two formulas, the cost variances for fixed overhead are different, and do not use these formulas at all.
BREAKING DOWN 'Variable Overhead'. For example, utility expenses for electric power are incurred by a manufacturing plant every month; the actual amount owed for such expenses depends on the level of manufacturing output.