Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September. Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) K4 0.75 pounds at $8.60 per pound 1.25 hours at $26.60 per hour $ 21.80 $ 417,120 17,380 10,600 pounds at $8.00 per pound 14,830 hours at $26.90 per hour $ 343,060 $ 389,740 12,260 units 1 pound at $9.20 per pound 1.50 hours at $30 per hour $ 23.60 $ 494,130 23,530 14,230 pounds at $9.50 per pound 22,330 hours at $33.20 per hour $ 467,212 $ 491,320 14,530 units Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.

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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.