11. A company expected its annual overhead costs to be $1,800,000 and estimated direct labor costs to be $1,000,000. How much is the company's predetermined overhead rate to the nearest cent? 12. If, at the end of the period, the manufacturing overhead account has a credit balance, then manufacturing overhead is: 13. Equivalent units of production is the sum of units completed and transferred out plus equivalent units of beginning work in process.

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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.