A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Standard 5 lbs. @ $9 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Compute the standard cost per unit. Direct materials Direct labor Overhead Total Actual 41,500 lbs. @ $9.10 per lb. 16,100 hrs. @ $16.50 per hr. $202,900 8,200

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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.