Munoz Company established a predetermined fixed overhead cost rate of $20 per unit of product. The company planned to make 6,800 units of product but actually produced only 6,300 units. Actual fixed overhead costs were $143,900. Required a. Determine the fixed cost spending variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the fixed cost volume variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance). Answer is complete but not entirely correct. a. Total spending variance b. Total volume variance $ 22,800 U $ 10,000 U

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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.