The following information is available for Baxter Manufacturing for April: Actual machine hours Standard machine hours allowed Denominator activity (machine hours) Actual fixed overhead costs Budgeted fixed overhead costs Predetermined overhead rate ($2 variable + $5 fixed) What is the production volume variance? Multiple Choice O $650 $1,015 $725 $400 925 1,070 1,200 $ 5,500 $ 6,000

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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.