Bruer Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (i.e., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jeep. Each jeep has one tour guide. The company uses the following data in its budgeting: Revenue Tour guide wages Vehicle expenses $0 $ 6,200 $ 26 Administrative expenses $ 3,300 $ 14 In November, the company budgeted for 374 guests and 169 jeeps. The actual activity for the month was 386 guests and 152 jeeps. Guests Jeeps Revenue Expenses: Fixed Variable element per element per month guest $ 187 $0 $0 Required: Prepare a report showing the company's activity variances for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income Variable element per jeep $0 $ 176 $ 53 $0 Bruer Jeep Tours Activity Variances For the Month Ended November 30 Flexible Budget 386 152 Activity Variances Planning Budget 374 169

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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.