. Sandy's Snacks produces snack mixes for the gourmet and natural foods market. Its most popular product is Tempting Trail Mix, a mixture of peanuts, dried cranberries, and chocolate pieces. For each batch, the budgeted quantities and budgeted prices are as follows: Quantity per Batch 60 cups 30 cups Price per Cup $1 Peanuts Dried cranberries $2 Chocolate pieces 10 cups Small changes to the standard mix of direct materials reflected in the above quantities do not significantly affect the overall end product. In addition, not all ingredients added to production end up in the finished product, as some are rejected during inspection. In the current period, Sandy's Snacks made 100 batches of Tempting Trail Mix with the following actual quantity, cost, and mix of inputs: Actual Quantity 6,720 cups 2,625 cups 1,155 cups 10,500 cups Actual Cost Actual Mix Peanuts $ 5,712 64% Dried cranberries 5,775 25% Chocolate pieces 3,350 11% $14,837 Total actual 100%

Q: Production-volume variance formula

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A: The question is multiple choice question. Required  Choose the Correct Option.

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Q: Define variance

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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.