Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Total Variance $ Materials Labor
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.
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Whispering Winds Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the
product.
Direct materials (6 pounds at $2 per pound)
Direct labor (2 hours at $12 per hour)
During the month of April, the company manufactures 470 units and incurs the following actual costs.
Direct materials purchased and used (3,040 pounds),
Direct labor (950 hours)
Total Variance
$12
$24
Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable.
Price Variance
$
$
$6,688
$10,925
Materials
Labor"
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Direct labor (950 hours)
Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable.
Total Variance
Price Variance
Quantity
Variance
$
eTextbook and Media
$6,688
$10,925
Materials
V
$
Labor"
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