Sanford Ltd. produces a product with the following standard cost card: Variable overhead (7 hours) 21.00 Fixed overhead (7 hours) The fixed overhead rate is based on a standard monthly volume of 16,150 units. The actual results for the month of July 20x5 are as follows: Variable overhead Fixed overhead 37 320,000 577,000 Units produced and sold 15,425 units What is Sanford's fixed overhead volume variance for July 20x5? (Use a negative number to indicate an unfavourable variance and use a positive number to indicate a favourable 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.