Cricket Inc. uses a standard cost accounting system and applies manufacturing overhead based on machine hours. The machine hour quantity standard is 25 hours per unit. Here are data regarding the current year: Units produced Manufacturing overhead costs: • Fixed overhead . Variable overhead Total overhead ▪ O Actual machine hours O Standard machine hours allowed Standard cost allowed Planning budget 1,200 units What additional information is required to compute both the variable manufacturing overhead rate and efficiency variances? O No additional information is required O None of the above $1,414,500 $1,728,000 $3,142,500 Actual results 1,056 units $1,460,000 $1,621,600 $3,081,600

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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.