A company shows a $2,520 unfavorable volume variance, a $6,280 favorable controllable variance, and a $36,500 standard overhead applied. a. Calculate the actual total overhead cost incurred. b. Calculate the total overhead variance. Indicate whether it is favorable or unfavorable. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. a. Actual total overhead b. Overhead variance

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.