191300 Magnity Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020, Machine setup-hours is the only driver of manufacturing overhead costs. Magnify has a set up capacity of 1,152 hours. (Click the icon to view the information.) Calculate the manufacturing overhead costs budget (label it Schedule 5). Schedule 5: Manufacturing Overhead Costs Budget for the Year Ending December 31, 2020 Machine Setup Overhead Costs Variable costs Fixed costs Total machine setup overhead costs Total manufacturing overhead costs 70,000

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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.