The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: Budgeted direct labor-hours The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $3.00 per direct labor-hour and its total fixed manufacturing overhead is $56,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $14,000 per quarter. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 8,800 8,600 8,900 8,300 Required: 1. Prepare the company's manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Prepare the company's manufacturing overhead budget for the upcoming fiscal year. (Round "Variable manufacturing overhead rate" answers tor places.) Variable manufacturing overhead rate ariable manufacturing overhead xed manufacturing overhead stal manufacturing overhead ash disbursements for manufacturing overhead Yuvwell Corporation Manufacturing Overhead Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year

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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. 

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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.