Raven Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $20 per hour. During July, Raven spent $832,56- or variable overhead 42.380 labor hours were used to produce 4.100 units. What is the variable overhead efficiency variance? Multiple Choice $13.065 favorable $6.159 unfavorable 16.159 tevorable $746 460 favorable

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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.