Hudson Company's variable overhead is applied on the basis of direct labor hours. The standard cost card specifies 3 direct labor hours per unit of its product. The standard variable overhead rate is $5 per direct labor hour. Last quarter, Hudson actually produced 10,000 units of product. The company's accounting records show its variable overhead efficiency variance was $5,000 Unfavorable and variable overhead rate variance was $12,000 Favorable. What was Hudson's actual variable overhead cost

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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.