A manufactured product has the following information for August. Standard Quantity and Cost 2 pounds per unit @ $3.00 per pound 0.5 hour per unit @ $20 per DLH $18 per DLH Direct materials Direct labor Overhead Units manufactured Total manufacturing costs (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 31 Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.) Standard price or rate X x Actual Results x 12,200 units Standard cost per uit $ 300,400

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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.