A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $0 per pound 2 DLH@ $16 per DL 2 DLH $12 per DLH Direct materials Direct labor Overhead Units manufactured Actual Results 48,500 pounds @ $8.10 per pound 15,700 hours $16.50 per hour $ 198,000 8,000 units Exercise 21-10 (Static) Direct labor variances LO P3 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places)

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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.