Campbell Car Wash, Inc. expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.2 hour of labor. The company actually used 211 hours of labor to wash 920 cars. The labor usage variance was $513 unfavorable Required a. Determine the standard labor price. b. If the actual labor rate is $13, indicate whether the labor price variance would be favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e., zero variance).) a Standard labor price b. Total labor price variance

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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.