Elite Brands Company uses standard costs for its manufacturing division. Standards specify 0.1 direct labor hours per unit of product. At the beginning of the year, the static budget for variable overhead costs included the following data: Production Volume: 6500 Units Budgeted variable overhead cost: $15,000 Budgeted direct labor hours: 600 hours At the end of the year, actual data were as follow: Production volume: 4000 units Actual variable overhead cost: $15,400 Actual direct labor hours: 495 hours How much is the standard cost per direct labor hour for variable overhead? (Round your answer to the nearest cent.) (a) $25.00

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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. 

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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.