Bonita Company's standard labour cost of producing one unit of product DD is 4 hours at the rate of $14.70 per hour. During August, 54.940 hours of labour are incurred at a cost of $15.00 per hour to produce 13,400 units of product DD. (3) Calculate the total labour variance Your answer is correct. Total labour variance $ (b) (c) eTextbook and Media Your answer is correct. Calculate the labour price and quantity variances Labour price variance: Labour quantity variance eTextbook and Media Labour price variance: S Labour quantity variance: S 36150 $ S 16482 19698 Unfavourable Unfavourable Unfavourable Attempts: 3 of 3 used Calculate the labour price and quantity variances, assuming the standard is 4.25 hours of direct labour at $15.20 per hour. V V Attempts: 2 of 3 used

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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.