A company uses a standard costing system. At the end of the current year, the company provides the following overhead information. Actual overhead incurred Variable………………… $86,000 Fixed………………….. $64,500 Budgeted fixed overhead……………. $65,000 Fixed overhead rate (per direct labor hour)……. $ 5 Standard hours allowed for actual production……. 12,000 Actual labor hours used………….. 11,000 What amount is the volume variance? a. $2,500 favorable b. $2,500 unfavorable c. $5,000 unfavorable d. $5,000 favorable A company uses a standard costing system At the end

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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.