Megan, Incorporated uses the following standard costs per unit for one of its products: Direct labor (2.0 hours $5.00 per hour) - $10.00; overhead (2.0 hours a $2.50 per hour) - $5.00. The flexible budget for overhead is $90,000 plus $1.00 per direct labor hour (DLH). Actual data for the past month show total overhead costs of $226,000, total fixed overhead of $106,000, 79,000 hours worked, and 32,000 units produced. The total overhead variance for the past month for Megan Incorporated was Multiple Choice $46,000 unfavorable $44,000 unfavorable 50 $66.000 unfavorable. $61,000 unfavorable

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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.