Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 131,500 Standard direct labor hours per unit Standard fixed overhead rate (per direct labor hour) Budgeted fixed overhead 0.2 $2.30 $64,700 $68,300 26,650 Actual fixed overhead costs Actual hours worked Required: 1. Calculate the fixed overhead spending variance using the formula approach. $ Select your answer -FavorableUnfavorableltem 2 2. Calculate the volume variance using the formula approach. $ Select your answer -FavorableUnfavorableltem 4 Volume Variance 3. What if 127,400 units had actually been produced in February? What impact would that have had? Indicate what the new variances would be below. Fixed Overhead Spending $ - Select your answer - Variance FavorableUnfavorableltem 6 $ - Select your answer -

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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.