Duvet Company manufactures pillows. For 2020, the company expects fixed overhead costs of $300,000. Duvet uses machine-hours to allocate fixed overhead costs and anticipates 15,000 hours during the year to manufacture 20,000 pillows. During 2020, Duvet manufactured 18,000 pillows and spent $290,000 on fixed. overhead costs. Calculate the following: a. The fixed overhead rate for 2020 b. The fixed overhead spending variance for 2020 c. The production-volume variance for 2020 CIO

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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.