Splish Brothers Analytics Inc. reports the following cost information for the period, utilizing normal costing and applying overhead based upon machine hours: Budgeted Manufacturing Overhead Budgeted Machine Hours Actual Machine Hours used Factory Depreciation Factory Supervisors Salaries Factory Electricity Indirect Materials Indirect Labor Factory Insurance Factory Rent $808,000 100,000 Machine Hours 110,000 Machine Hours $208,000 $308,000 $128,000 $94,000 $84,000 $54,000 $64,000 Determine the amount of underapplied or overapplied overhead. Overhead $

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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.