Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consult- ing, Inc., follow: Estimated consulting overhead cost for the year. Estimated direct labor cost for the year (@ $9/hr.). Actual manufacturing overhead cost for January. Actual direct labor cost for January (1,200 hours). Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Prepare a journal entry that applies consulting overhead for January. C. By what amount is consulting overhead over- or underapplied in January? $360,000 180,000 19,500 11,000

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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.