Norwall Company's budgeted variable manufacturing overhead cost is $1.30 per machine-hour and its budgeted fixed manufacturing overhead is $30,368 per month. The following information is available for a recent month: 1. The denominator activity of 8,320 machine-hours is used to compute the predetermined overhead rate. 2. At a denominator activity of 8,320 machine-hours, the company should produce 3,200 units of product. 3. The company's actual operating results were: Number of units produced Actual machine-hours. Actual variable manufacturing overhead cost Actual fixed manufacturing overhead cost $ $ 3,690 9,700 11.155 35,000 Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) 2. Compute the standard hours allowed for the actual production. 3. Compute the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations and final answers to 2 decimal places.)

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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.