a. The following direct labor data pertain to the operations of Jacuzi Instrument Corporation. for the month of June: Actual labor rate Actual hours used Standard labor rate Standard hours allowed $18.50 per hr. 2,525 $18.25 per hr. 2,600 Instructions Prepare a matrix and calculate the labor variances. Price Variance Total Labor Variance Quantity Variance

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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.