Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct labor Variable overhead 0.20 0.20 hours hours. $ 27.00 $6.30 per hour per hour $ 5.40 $ 1.26 In November the company's budgeted production was 6,600 units, but the actual production was 6,400 units. The company used 1,560 direct labor-hours to produce this output. The actual variable overhead cost was $9,204. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for November is:

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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.