Budget Performance Report for a Cost Center Funderburk Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows: Customer service salaries $628,870 Insurance and property taxes 131,860 Distribution salaries 1,003,190 Marketing salaries 1,182,630 Engineer salaries 962,380 Warehouse wages 674,030 Equipment depreciation 211,360     Total $4,794,320   During January, the costs incurred in the Consumer Products Division were as follows: Customer service salaries $692,700 Insurance and property taxes 126,780 Distribution salaries 990,380 Marketing salaries 1,248,010 Engineer salaries 943,010 Warehouse wages 647,030 Equipment depreciation 211,150     Total $4,859,060   Required: 1.  Prepare a budget performance report for the director of the Consumer Products Division for the month of January. If an amount box does not require an entry, leave it blank. Funderburk, Inc.Budget Performance Report—Director, Consumer Products DivisionFor the Month Ended January 31   Actual Budget Over Budget Under Budget Customer service salaries $fill in the blank $fill in the blank $fill in the blank $fill in the blank Insurance and property taxes fill in the blank fill in the blank fill in the blank fill in the blank Distribution salaries fill in the blank fill in the blank fill in the blank fill in the blank Marketing salaries fill in the blank fill in the blank fill in the blank fill in the blank Engineer salaries fill in the blank fill in the blank fill in the blank fill in the blank Warehouse wages fill in the blank fill in the blank fill in the blank fill in the blank Equipment depreciation fill in the blank fill in the blank fill in the blank fill in the blan Total $fill in the blank $fill in the blank $fill in the blank $fill in the blan

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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.