QUESTION 15 The following information is available for a company for Period 4. Budget Fixed production overheads RM22,960 6,560 Units The standard time to produce each unit is 2 hours. Actual Fixed production overheads RM24,200 6,460 Units Labour hours 12,600 hrs Calculate the following: (a) Fixed overhead absorption rate per hour. (b) Fixed overhead capacity variance. (c) Fixed overhead efficiency variance. (d) Fixed overhead volume variance.

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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.