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LO 7.4Fill in the blanks: A flexible budget summarizes _______ and _______ for various volume levels by adjusting the _______ costs for the various levels of activities. The _______ costs remain the same for all levels of activities.

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Answer:

Please see the blanks filled as under

Explanation:

A flexible budget summarizes Revenues and Expenses for various volume levels by adjusting the Variable costs for the various levels of activities. The Fixed costs remain the same for all levels of activities.

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