Advanced Company reports the following costing data on its product line for its first year of operations. During this first year, the company produced 25,000 toasters and sold 15,000 units at a price of $50. Production costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit $9 $11 $3 $137,500 $5 Fixed selling and administrative cost per year You are now preparing its income statement for the year ended March 31, 20X1 under variable costing. What do you report for Variable Production Cost? Specify in dollars (no decimal places or cents). $125,000

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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.