Sheffield Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance $13,200 11,000 8,800 6,600 Fixed Costs Supervisory salaries Depreciation Property taxes and insurance Maintenance $39,600 7,700 8,800 5,500 Actual variable costs were indirect materials $14,850, indirect labor $10,450, utilities $9,570, and maintenance $5,500. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $9,130. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.)

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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.