Adams Company makes three products in its factory: plastic cups, plastic tablecloths, and plastic bottles. The expected overhead costs for the next fiscal year include the following. Factory manager's salary Factory utility cost Factory supplies Total overhead costs Adams uses machine hours as the cost driver to allocate overhead costs. Budgeted machine hours for the products are as follows. Cups Tablecloths Bottles Total machine hours $244,500 79,000 25,000 $348,500 300 Hours 750 1,000 2,050 Required a. Allocate the budgeted overhead costs to the products. Total Product Allocation Ratex Weight of Base Allocated Cost Cups Tablecloths Bottles

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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.