0,000 Units sold 17,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 180 Direct labor $ 320 Variable manufacturing overhead $ 63 Variable selling and administrative $ 17 Fixed costs: Fixed manufacturing overhead $ 990,000 Fixed selling and administrative $ 990,000 Required: Assume that the company

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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.