Fletcher Company collected the following data regarding production of one of its products. Compute the variable overhead spending variance. Direct labor standard (3.00 hours @ $19.20/hour) Actual direct labor hours Budgeted units Actual finished units produced Standard variable OH rate (3.00 hours @ $13.50/hour) Standard fixed OH rate ($209,300/29,900 units) Actual cost of variable overhead costs incurred Actual cost of fixed overhead costs incurred Multiple Choice $49300 favorable $6,000 favorable $6.000 unfavorable $57.60 per finished unit 87,100 hours 29,900 units 27,900 units $40.50 per finished unit $ 7.00 per unit $ 1,126,750 $ 211,000

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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.