The production department of Raredon Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year. Units to be produced 1st Quarter 24,000 Total direct labour-hours needed Total direct labour cost Each unit requires 1.2 direct labour-hours, and direct labour-hour workers are paid $22 per hour. In addition, the variable manufacturing overhead rate is $1.10 per direct labour-hour. The fixed manufacturing overhead is $166.000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $50,000 per quarter. 2nd Quarter 29,000 26,000 Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. Total manufacturing overhead 3rd Quarter 4th Quarter 22,000 2. Prepare the company's manufacturing overhead budget. RAREDON CORPORATION Direct Labour Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Cash disbursements for manufacturing overhead RAREDON CORPORATION Manufacturing Overhead Budget Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year

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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.