n October, Grouper Inc. reports 42,700 actual direct labor hours and incurs $201,000 of manufacturing overhead costs. Sta hours allowed for the month's production is 42,000 hours. Grouper's predetermined overhead rate is $5.00 per direct labor Compute the total manufacturing overhead variance. Identify whether each variance is favorable or unfavorable.

Q: ow to do a P&L statement

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A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

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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.