Ultra-Company scheduled 600 units for production during January, with the following budgeted costs of production. Direct materials 4 units of plastic per cup @ $1.50 per unit Direct labor 0.10 labor hours per cup @$15 per hour Variable Overhead 0.10 labor hours per cup@12 per hour Fixed Overhead $4.200 per month For the month of January, the company actually produced 550 cups using 2,150 units of plastic purchased at $1.75 per unit, and 58 direct labors at a rate of $14 per hour. It also incurred actual variable overhead at a rate of $12.50 per direct labor hour, and fixed overhead of $4,050 for the month. What is the company's Variable Overhead Efficiency Variance for the month of June? $45 Favorable $36 Unfavorable $36 Favourable $45 Unfavorable

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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.