Alpha Company manufactures and sells Product P. The actual results for the first week in January are as follows: Actual production Actual quantity and cost of raw material Q Actual cost of labor 20,000 units of Product P 95,500 pounds at $0.90 480 hours at $6.75 Standard quantity of raw material Standard price of raw material Q Calculate the material usage variance for Product P for the first week in January. a. $20,655 U b. $8,595 U c. $20,655 F d. $8,595 F 3.50 pounds per unit of Product P $0.81

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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.