The following information relates to Steele​ Manufacturing's overhead costs for the​ month:   Static budget variable overhead $35,900 Static budget fixed overhead $15,600 Static budget direct labor hours 15,400 hours Static budget number of units 5,500 units   Steele allocates variable manufacturing overhead to production based on standard direct labor hours.     Steele reported the following actual results for last​ month: actual variable​ overhead, $35,400​; actual fixed​ overhead, $15,400​; actual production of 5,400 units at 2.4 direct labor hours per unit. The standard direct labor time is 2.8 direct labor hours per unit.

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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.