Sipple Furniture's master budget for the year includes $338,400 for fixed supervisory salaries. Practical capacity, which is used to set the fixed overhead allocation rate, is 590 units per month. Supervisory salaries are expected to be incurred uniformly throughout the year. During August, the company produced 340 units, incurred production supervisory salaries of $29,450, and reported underapplied fixed overhead of $18,500 for supervisory salaries. What is Sipple Furniture's supervisory salaries spending (budget) variance for August? Is this variance favorable (F) or unfavorable (U)? (Leave no cell blank; if there is no effect enter "O" and select "None" from dropdown.) Budget 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.