Hockey Pro budgets 410 hours of direct labor during May. The company applies variable overhead at the rate of $17 per direct labor hour. Budgeted fixed overhead equals $42,000 per month. Prepare a factory overhead budget for May. HOCKEY PRO Factory Overhead Budget Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead May

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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.