After completing this chapter, you should be able to: Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget; prepare a flexible overhead budget, using both a formula and a columnar format; explain how overhead is applied to Work-in-Process Inventory under standard costing;. | Lecture Managerial accounting: Creating value in a dynamic business environment (10th edition): Chapter 11 - Ronald W. Hilton, David E. Platt