Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Overhead cost Machine hours Direct labor hours Budgeted $1,207,340 (a) 60,900 106,000 Actual $1,181,340 Overhead is applied on the basis of direct labor hours. Predetermined overhead rate $ 47,900 102,000 Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.) per direct labor hour

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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.