Problem 17-40 (Algo) Prorating Overhead Costs (LO 17-1) Parkeville Company manufactures a single product and started the year with no inventories. Selected information about results for the period just ended include the following: Actual fixed manufacturing overhead Actual variable manufacturing overhead Applied fixed manufacturing overhead Applied variable manufacturing overhead Production volume variance Variable overhead efficiency variance $160,000 142,000 200,000 146,000 30,000 F 14,000 F Fifteen percent of this period's production has not been sold. There are never any work-in-process inventories. Required: a. Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. b. Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and

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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.