A company has two products: A and B. It uses activity-based costing and has prepared the following analysis showing budgeted cost and activity for each of its three activities: Budgeted Activity Activity Activity 1 Activity 2 Budgeted Cost $ 89,000 Activity Cost Driver Square feet Product A Product B 3,200 3,000 $ 64,000 Activity 3 $ 97,000 Units produced Setups 4,700 5,700 2,700 5,450 Annual production and sales level of Product A is 34,500 units, and the annual production and sales level of Product B is 69,750 units. What is the approximate overhead cost per unit of Product B under activity-based costing? Multiple Choice $3.10 $2.05

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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. 

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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.