Calculate Variances The following summary data relate to the operations of Dobson Company for April, during which 9,000 finished units were produced. Normal monthly capacity was 20,000 direct labor hours. Standard Unit Cost Total Actual Costs Direct Materials Standard (4lb. @ $2.20/lb.) Actual (38,000 lb. @ $2.00/lb.) Direct Labor: Standard (2hr. @ $11.00/hr.) Actual (18,500 hr. @ $11.30/hr.) Variable Overhead: Standard (2hr. @ $3.00/hr.) Actual Total $8.80 22.00 6.00 $36.80 $76,000 209,050 54,900 $333,950 REQUIRED Determine the following variances and indicate whether each is favorable or unfavorable: a. Materials price and efficiency variances b. Labor rate and efficiency variances c. Variable overhead spending and efficiency variances

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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.