Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost. Direct materials quantity variance Direct materials price variance Actual direct labor cost. Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet < Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 1 2 Record direct materials costs and variances. Date December 31 3 Note: Enter debits before credits. Record entry General Journal $ 112,000 Clear entry 3,500 U 550 F 85,500 6,900 F 1,150 U 375,000 11,500 U 8,800 U Debit Credit View general journal >

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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.