The following information was taken from the annual manufacturing overhead cost budget of Wildhorse Company: Variable manufacturing overhead costs $36,080 Fixed manufacturing overhead costs $16,400 Normal production level in labour hours Normal production level in units Standard labour hours per unit (a) During the year, 4,000 units were produced, 16,100 hours were worked, and the actual manufacturing overhead was $54,000. Ac fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on dir labour hours. Variable manufacturing overhead Fixed manufacturing overhead 16,400 Calculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g. 15.25) Total manufacturing overhead 4,100 $ 4 Rate

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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.