C. Complete the pitchfork below by identifying and calculating direct labor variances for the month of October. You need to identify the name of the variance (on the blank line) and show your work in calculating the variance. Labor STANDARD (for 600 bottles) 0.15 hours of direct labor at $10 per hour ACTUAL (for 560 bottles) 56 hours of direct labor at $12 per hour

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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.