a) Classify each cost as fixed, variable or mixed, using production volume as the cost driver.   b) Use the high-low method to separate mixed costs into their fixed and variable components and prepare the cost formula for each of the mixed costs.   C. If Green Corridor Company expects a production volume of 30,000 bicycles in the coming quarter, prepare the production cost formula for the quarter and predict the total production cost.

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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.